{"id":13616,"date":"2017-08-30T01:00:40","date_gmt":"2017-08-29T15:00:40","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=13616"},"modified":"2017-08-30T01:00:40","modified_gmt":"2017-08-29T15:00:40","slug":"finding-the-best-renovation-suburbs-kent-lardner","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/finding-the-best-renovation-suburbs-kent-lardner\/","title":{"rendered":"Finding the best renovation suburbs – Kent Lardner"},"content":{"rendered":"

Kent Lardner<\/strong> is the genius behind desktop valuations.\u00a0 He knows what makes the property market tick.\u00a0 We ask him about renovations and renovation suburbs. What makes a good renovation suburb, and is there such a thing?
\nTranscript :<\/strong>
\nKevin:<\/strong>\u00a0 Kent Lardner from View.com.au<\/a>, joins me once again.
\nKent, I want to talk to you this time about renovations and renovation suburbs. What makes a good renovation suburb, or is there such a thing?
\nKent:<\/strong>\u00a0 The call out for me is always know what your renovation costs are upfront, so you start with that and you get that out of the way. What we\u2019re finding statistically is a lot of the higher value \u2013 so you look at the higher median price suburbs \u2013 they\u2019re often the ones that are best to renovate if you can find the gem. The gem being a smaller house or an unrenovated property, because typically, these houses in the wealthier locations, they\u2019re significantly more expensive and a lot of people may not seek to want to live in something and renovate it.
\nIf you can find the smaller house or the unrenovated house in a lot of these more expensive areas, from a statistical perspective, they\u2019re the ones that uncover the greatest capital gain.
\nKevin:<\/strong>\u00a0 Would the same apply to units?
\nKent:<\/strong>\u00a0 Units, for us, is a little bit more of a challenge, because obviously with houses, we can do what if analysis of plus one bathroom, plus one bedroom. With units, it\u2019s a lot harder obviously to do that.
\nTypically though, we\u2019re finding increasingly now, a lot of these well-placed older units are being renovated, and you can look at what they have been acquired for or what the unrenovated ones come on the market for, and compare those to the ones that have been renovated, and there\u2019s a lot of market activity in renovating older units in prime locations in and around the city.
\nKevin:<\/strong>\u00a0 If you had a choice, would you prefer to renovate a house or a unit, and why?
\nKent:<\/strong>\u00a0 That would depend on my use case: what\u2019s my objective? Is it for owner-occupied? Is it for a quick buck, or is it to keep long term? So, you\u2019d really have to identify what your scenario is.
\nI would almost say if the objective for me is to try and unleash the greatest capital value, there is no single formula; it\u2019s about finding the<\/em> property. It\u2019s about the<\/em> right property, at the right time, regardless of location.
\nKevin:<\/strong>\u00a0 In a renovation project, are there areas that will generate a bigger bang for buck \u2013 as in a bedroom or a kitchen, or an additional bathroom?
\nKent:<\/strong>\u00a0 Yes. We do a lot of this. We measure this and store these values in each location as a co-efficient. We mentioned that in an earlier episode. Typically, we store a price for every one-unit change in a bedroom, or a price per every one-unit change in a bathroom, and we look at these locations, and usually, as expected, the highest values are those wealthier suburbs where prices are higher. So, that is a given.
\nCertainly, those locations where I can find that one-bathroom property in an expensive location and add that bathroom, that\u2019s traditionally going to give me the greatest return for the extension. Absolutely.
\nBut then again, you can find other houses that are under-valued. What we traditionally do \u2013 and we\u2019ve been doing this a fair bit in recent months \u2013 is we\u2019ll find properties that have been listed for sale, and what we do, is we\u2019ll match up, through a matching algorithm, the three best comparable sales.
\nTypically, the algorithm will pull back properties based on time and distance and size, and we\u2019ll have three comparable sales that are served up and matched to a listed property. We\u2019ll take that listing price, we\u2019ll compare it to those three other properties, and if those three other properties are all higher in value than the listing price, we say this may be a bargain. What we do then is we list these down and we go and look at them, and we say, \u201cYeah.\u201d
\nTypically, what we have found is we\u2019re listing these down, we can produce hundreds of these each week, we go and look at them, and then what was this process is doing is, obviously, uncovering those renovators\u2019 dreams, and some of them, truly you can see, just be looking at a few tiles and a bit of a paint job, it truly, truly is an opportunity.
\nKevin:<\/strong>\u00a0 How can we access these properties?
\nKent:<\/strong>\u00a0 At the moment, we\u2019re just producing them bespoke, as a media article for a bit of fun. Obviously, in the coming months because we are getting such good feedback, we\u2019re looking at actually making it ongoing service and adding it as a product of View.
\nKevin:<\/strong>\u00a0 We should make that available through Real Estate Talk, I think. That would be a great idea.
\nKent:<\/strong>\u00a0 I think we can do one of those in the next week or two, Kevin.
\nKevin:<\/strong>\u00a0 That should be fantastic. Hypothetical now, I\u2019m doing a renovation. I\u2019m thinking about adding an extra bedroom. Is there a tool that you could point me in the direction of that will indicate to me, if I add another bedroom to this property, what will it do to the value?
\nKent:<\/strong>\u00a0 Visit View.com.au<\/a>. There\u2019s a link there that says Property 360<\/a>. From that, you can enter in your address and find your own property. We have a landing page for every house in the country, every address in the country. You can then look at that; it\u2019ll present a tool that allows you to change the bedroom count from, say, two to three or three to four, or change the bathroom count. And then once you make those changes, hit Submit, and that will serve up a new price estimate and also serve you up comparable sales.
\nFrom that, then you can cycle through and pick the best three matching sales that are based on either (a) the way the property is today or (b) the way you think the property will be after you renovate, and that gives a great idea of what the likely price will be.
\nKevin:<\/strong>\u00a0 Okay. That website again is View.com.au<\/a>, and from there\u2026?
\nKent:<\/strong>\u00a0 And follow the link to 360<\/a>.
\nKevin:<\/strong>\u00a0 Thanks, Kent. We will talk again soon.
\nKent:<\/strong>\u00a0 Thank you, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

Kent Lardner is the genius behind desktop valuations.\u00a0 He knows what makes the property market tick.\u00a0 We ask him about renovations and renovation suburbs. What makes a good renovation suburb, and is there such a thing? Transcript : Kevin:\u00a0 Kent Lardner from View.com.au, joins me…<\/p>\n","protected":false},"author":176692471,"featured_media":14607,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32,10,11,13,36,21,22,25,30],"tags":[101],"class_list":["post-13616","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-property-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-renovation-topic","category-research-topic","category-sponsored-channels","category-view-com-au","tag-podcast"],"yoast_head":"\nFinding the best renovation suburbs - Kent Lardner - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/finding-the-best-renovation-suburbs-kent-lardner\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Finding the best renovation suburbs - Kent Lardner - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"Kent Lardner is the genius behind desktop valuations.\u00a0 He knows what makes the property market tick.\u00a0 We ask him about renovations and renovation suburbs. 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