An Edgeworth Home On 2 Lots
Cecelia from Sydney was looking for a development opportunity in Newcastle and enlisted the expert help of Select Property Finder Judith found a property in Edgeworth that had a lot of potential. Even though the house was in extremely poor condition, it was located on one of two blocks, meaning that the property came with a bonus block of land and another property could be built on the other side. Cecilia had never done a renovation and was quite shocked with what she saw, especially the outside toilet. However, she trusted that Judith would have the right contacts to undertake the extensive transformation. Once underway she began to really enjoy her involvement, especially shopping for colours, tiles, bathroom fixtures and kitchen design. Cecelia had planned to renovate the old home and sell it, using the money from the sale to fund the building of the second home. But after the renovations were complete, Cecilia had the house revalued. The bank saw the success of the first property and the added equity and arranged to fund the building of the second house. Now Cecelia is now the proud owner of a renovated rental property in Edgeworth, and is about to build a new house on the second block. She is well on the way to her goal of producing a great rental income and a high return on investment.