IMPROVING
Buying A
Renovator’s Dream
Visualise the potential
B
uying a home that is in serious need of
renovation is not for everyone and can be
riddled with disaster. However, for those
who do have the know-how and finances, it could be
a very profitable and rewarding endeavour. Adrian
Goslett, CEO of RE/MAX of Southern Africa,
says that the difference between
a successful investment and a
money trap lies in choosing the
right fixer-upper home from the
start.
According to Goslett, there
are a few reasons why certain
investors opt for these kinds
of homes, such as the fact that
with less competition in the
market for fixer-uppers, they are
generally lower-priced properties
in spite of the market conditions.
There is also a large potential on
the return of investment at resale,
with many investors buying fixer-upper
homes with the sole intention of selling
them for a profit at a later date. Making the
right decisions from the beginning will have
an impact on the end result of the property’s
investment prospective.
The perfect home that everybody wants
may be hidden under a variety of elements
that would normally turn many buyers away,
such as peeling paint and a sagging ceiling. An
investor looking to find the ideal fixer-upper
will have to see past all that to visualise the
home’s true potential.
44
Residential Handbook 2013
www.reimag.co.za