Post to Facebook on 20/6/2020 6:31 PM
Commenting on “Melbourne auctions: Unlivable unit sells for nearly $70,000 above reserve”
https://www.domain.com.au/news/melbourne-auctions-unlivable-unit-sells-for-nearly-70000-more-than-reserve-963768//
There are people claiming to have made a killing by buying a run down property, doing some cosmetic renovation on it, and then putting it back in the market. This kind of quick turn around renovation for profit is known as flipping.
Like many gamblers or regular Tatts buyers, they normally don’t tell others how much they have lost before they finally win some money.
Unless you are a handy person, and prepared to breakeven or make a loss for your first couple of projects, just to gain some experience, I do not advise you to venture into this.
Those renovation programs on television in a way are just make-believe programs. There are teams of qualified and experienced tradespeople on hand to carry out the major work, while the contestants seem to handle the less dangerous and less laborious tasks. Any disasters are likely to be fixed up. by some technical experts behind the scene.
I am very concerned that readers of newspaper real estate articles may not have weighed up all the pros and cons before they dive in to undertake such a major project. They may incur financial loss, as well as suffer physical injury. If you are unemployed, and financially unstable, please DO NOT lure by such hype, thinking that you can do better than someone else.
It is advisable to do some small home renovation projects first before attempting something big like flipping.
You must be mindful that there are many other associated costs involved, eg. agents commission, marketing fees, stamp duty, capital gains tax, bank interest on borrowing, and opportunity loss on your holding cost, etc.
Thank you for reading.
Commenting on “Melbourne auctions: Unlivable unit sells for nearly $70,000 above reserve”
https://www.domain.com.au/news/melbourne-auctions-unlivable-unit-sells-for-nearly-70000-more-than-reserve-963768//
Like many gamblers or regular Tatts buyers, they normally don’t tell others how much they have lost before they finally win some money.
Unless you are a handy person, and prepared to breakeven or make a loss for your first couple of projects, just to gain some experience, I do not advise you to venture into this.
Those renovation programs on television in a way are just make-believe programs. There are teams of qualified and experienced tradespeople on hand to carry out the major work, while the contestants seem to handle the less dangerous and less laborious tasks. Any disasters are likely to be fixed up. by some technical experts behind the scene.
I am very concerned that readers of newspaper real estate articles may not have weighed up all the pros and cons before they dive in to undertake such a major project. They may incur financial loss, as well as suffer physical injury. If you are unemployed, and financially unstable, please DO NOT lure by such hype, thinking that you can do better than someone else.
It is advisable to do some small home renovation projects first before attempting something big like flipping.
You must be mindful that there are many other associated costs involved, eg. agents commission, marketing fees, stamp duty, capital gains tax, bank interest on borrowing, and opportunity loss on your holding cost, etc.
Thank you for reading.
