Does every home need to be improved or renovated? At what point do home owners risk over-capitalising?
Neale Whitaker and Andrew Winter, hosts of Love It Or List It Australia, may have finally found a house they both love.
So should the owners keep renovating it or should they sell?
List It: Turning a profit
This modernised three-bedroom terrace is located in Paddington, Sydney where the median house price is $2.3 million.
The current owners bought this stunning home for $3.52 million in October 2015.
A look at the kitchen in the Paddington terrace. Picture: realestate.com.au/sold
But with its open-living, modern kitchen and manicured garden, this house is just about perfect, according to Winter.
“It’s a Paddington terrace with a swimming pool and floating stairs,” he says.
“I’d never want to list that, I’d want to live in that.”
But if the owners were to sell, this heritage home could attract a final sale price higher than what they paid two years ago as it’s located in such a high-demand area.
Love It: The perfect home
But as we know, a home is more than just an investment and Whitaker says the owners would be crazy to sell this gem.
The open plan living area at the back lets in plenty of natural light. Picture: realestate.com.au/sold
This Paddington terrace was renovated ten years ago with the major work completed out the back to open up the living space and let in natural light.
While the current owners have added new light fixtures, re-stained the floorboards, resprayed the kitchen cabinets and are currently updating the bathrooms – this minor work will simply update rather than totally transform the property.
So while home improvements remain popular, Whitaker says that the owners should be careful not to over-capitalise or spend more than future buyers would end up paying for this property.
The backyard area has room to entertain plus a pool. Picture: realestate.com.au/sold
Also, given what the previous large-scale renovation already achieved, what’s left to do?
Whitaker insists this home is perfect as it is and says the owners should just enjoy it.
“I can’t see one thing you would like to improve there Andrew. I love this terrace just as it is,” says Whitaker.
This could be the one home that both Winter and Whitaker totally love, but what would you do – love it or list it?
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