Many a home has been described as a renovator\u2019s delight, but is it a good idea to renovate an ugly duckling?<\/strong><\/p>\n Andrew Winter and\u00a0Neale Whitaker hosts of Love It Or List It Austalia<\/em>, take a look at a historic terrace<\/a> in Sydney\u2019s inner west to see if it should be sold or renovated.<\/span><\/p>\n Located in Camperdown, this two-bedroom terrace was purchased by the current owners in 2014. \u00a0But the home\u2019s layout hasn\u2019t changed much over the years.<\/p>\n \u201cThe problem with old terraces is that they don\u2019t relate to the way we live now and they certainly don\u2019t relate to the way we live in Australia,\u201d says\u00a0Whitaker.<\/span><\/p>\n When the owners bought this house for $930,000, the suburbs median price was $990,000.<\/p>\n That median price for a two-bedroom home is now $1,240,000 \u2013 so is a large-scale renovation worth it?<\/p>\n \u201cIf the market\u2019s good, they could sell it now and cash in,\u201d says Winter.<\/p>\n According to Winter\u2019s calculations, if the owners list this home for sale<\/a> now and achieve a price just over that suburb median they could make $340,000.<\/p>\n Is listing<\/a> the home a more profitable enterprise? Picture: realestate.com.au<\/p>\n<\/div>\n \u201cThe market\u2019s booming as far as I\u2019m concerned and it\u2019s a great time to sell. \u00a0To renovate a terrace like this is just so, so tricky,\u201d says Winter.<\/p>\n But if the owners followed Whitaker\u2019s advice and transformed the home by opening up the living areas and adding two bedrooms, could it significantly increase the value of the home?<\/p>\n \u201cIt looks tiny because of all the clutter, you\u2019ve got to clear everything out of there and just look at the bones that you are working with. \u00a0I can see some great features, we\u2019ve got high ceilings and beautiful floorboards. \u00a0There is stuff to work with,\u201d Whitaker says.<\/p>\n Whitaker estimates that a large-scale renovation for this home would cost around $500,000, but here\u2019s a look at how much extra that could add to the now four-bedroom property\u2019s future sale price:<\/p>\n A renovation could really pay off, with time. Picture: realestate.com.au<\/p>\n<\/div>\n Winter says this ugly duckling would cost too much to transform and the owners should list it. \u00a0Let the next set of occupants tackle it.<\/p>\n But Whitaker says the owners should renovate the property over time and enjoy a modernised home with heritage features. Later on, the home will be worth even more thanks to the large-scale transformation.<\/p>\n Watch Love It or List It Australia now exclusively on Foxtel\u2019s Lifestyle.<\/span><\/strong><\/em><\/p>\n For more Love it or List It Australia videos and expert advice go to lifestyle.com.au.<\/span><\/strong><\/em><\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n
\n <\/p><\/div>\n Realestate au <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Are the bones good?<\/h3>\n
Selling v renovating: the likely returns<\/h3>\n
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