Selling Your Renovated Property in Melbourne: What You Need to Know

Buying a wreck for cheap, doing it up and selling it for a profit: this is the art of flipping.

Whether we’re talking about antique dining tables, classic cars or houses, flipping requires practical knowledge, patience and a clear vision.

If you’ve bought and renovated a property in Melbourne, you’re probably wondering whether now’s the time to cash in. And with the heat of the property market, it certainly could be.

Here’s what you need to know for a successful flip for your renovated property in Melbourne:

Add the finishing touches

If you’ve got a nicely renovated home, which you’ve put your heart and soul into, it can be hard to step back and ask yourself what else it needs to be truly finished. Have another set of eyes look over the property (choose a couple of friends with impeccable style) and ask for suggestions on adding the finishing touches; you might find that a feature wall or a change of lighting might drastically improve your property’s aesthetics.

Do your market research

Market research is key for any seller in Melbourne. Find out a few key pieces of data, like the median house price for your suburb, the average time a property in your suburb spends on the market, and who your target demographic will be. A three bedroom home in the suburbs will likely attract families, while a two-bedroom flat in the inner city will likely attract young professionals and retirees. Knowing the median house price of your suburb allows you to get a rough idea of what your Melbourne property is worth.

Getting a valuation

A valuation is often the first step to selling your home. You can do a rough estimate of your home’s value by comparing it to recent sales of similar properties in your area. There are a number of other factors which also impact the final valuation, such as land size, dwelling size, structure and style of the home, among others.

Choosing the right agent

If you’re looking to flip your renovated property, the agent you choose is going to make a great impact on the result. A hard-working, diligent team of agents are always going to get a better price for your Melbourne property than a team that doesn’t care as much for their clients. Talk to Patrick Leo about recommendations for excellent real estate agents – our 20 years’ experience has connected us with Melbourne’s top agents.

Selling your renovated property in Melbourne is an achievement to be celebrated. All your hard work paid off! But your investing journey doesn’t stop there; you need to successfully reinvest that money so that it keeps earning for you. That’s where Patrick Leo can help. We’re Australia’s top team of property advisers, assisting you find and secure excellent investment properties to continue your journey of wealth and financial freedom. Get in touch with our team and start the conversation with Patrick Leo.