Why This Property Did Not Work

A Wellington property with a very colour past is up for sale and we looked at purchasing it.   On face value you could see it had a lot of potential for a buy and hold or a trade.  It was the first time I had visited the property I hasten to add and it will be come clear why I am quick to point this out.

(I) went through this classic 8 bedroom villa last week (for the first time ever I might add). What an incredible property. 8 bedrooms and 3 bathrooms although only one looked like it worked, a very small kitchen but the property had 2/3 massive living rooms and all this on 1000sqm in one of the best suburbs in Wellington. This will be an outstanding project.

From PropertyTutors Facebook page

 

Carmen_s Former Brothel Up For Sale - national | Stuff.co.nzHere is the link to read a news item on this home and from the new item…..

A colourful slice of Wellington history is for sale, with famous madam and transsexual activist Carmen Rupe’s former brothel in need of a new owner.

The more than a century-old home at 67 Moxham Ave, Hataitai, had its first open home yesterday.

So what did I think of it?  There’s no doubt if you had at least a couple of hundred grand this home could be transformed into a stunner and I hope this is what happens to it.

We worked out we’d need to spend a minimum of a hundred grand to make it liveable but it really need at least another hundred or maybe more spent on it to give us the best ROI.

It’s important to approach these renovations on a higher scale so to attract the right calibre of buyer.  This property was not going to be a quick turnaround it needed a lot of tender loving care and money.

More on Steve Goodey of PropertyTutors

 

Tags: , ,

About Property Tutors

“PropertyTutors Limited believes the information in this publication is correct, and it has reasonable grounds for any opinion or recommendation found within this publication on the date of this publication. However, no liability is accepted for any loss or damage incurred by any person as a result of any error in any information, opinion or recommendation in this publication. Nothing in this publication is, or should be taken as, an offer, invitation or recommendation to buy, sell or retain any investment in or make any deposit with any person. The information contained in this publication is general in nature. It may not be relevant to individual circumstances. Before making any investment, insurance or other financial decisions, you should consult a professional financial adviser. This publication is for the use of persons in New Zealand only. Copyright in this publication is owned by PropertyTutors Limited. You must not reproduce or distribute content from this publication or any part of it without prior permission.”