How do you upgrade a heritage home? Off-Market Renovation Part 1

Maintaining and upgrading a heritage home requires tireless work and specialised knowledge to ensure the beauty of its original form and unique features are displayed in all their glory.

Earlier this year Cohen Handler’s Buyer’s Agent, Scott Hall – Buyer’s Advocate for the inner city of Melbourne, acquired the pictured Victorian free-standing house off-market from a vendor who found out that the house’s foundation needed to be underpinned and strengthened. The vendor for a variety of reasons was not willing to take on the work required and was keen for a quick sale.

Seeing the potential for his client, especially as it was in Brunswick—a much sought after suburb of Melbourne—Scott called in the experts to help crunch the numbers and determine if it was a viable purchase.

Having prior experience of renovating properties, Scott teamed up with a builder whose opinion he respected and together they inspected what was left of the house to see if it was worth salvaging.

Like Scott, many of our buyer’s agents work closely with a team of cost effective and reliable tradespeople and professionals such as planners and architects. We can often recommend a third party who we know to be reliable and honest.

Even though the house was an eyesore compared to others on the street, Scott and his builder believed that the numbers stacked up and that it was a good investment. The Historic facade still had some original features intact and with a creative approach, some TLC would greatly increase street appeal and impress the many admirers of classic heritage homes.

A few days later, the property was purchased for under market value. Opting for our recommended cheaper option of re-stumping, the client proceeded with the necessary renovations with the aim of obtaining a favourable rental yield and manufacturing equity. Stay tuned for the results…

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