From Unsellable to Stunning: A one - bedroom unit’s remarkable transformation
Undertaking well thought out renovations can be a game-changer, as proven by the transformation of this one-bedroom unit. Once unsellable due to compliance and structural issues, the property was renovated with a practical approach that balanced essential repairs with stylish updates. A focus on cost-effective solutions, turning the unit into a sleek, modern home. The result? A successful sale at $625,000 to a first-home buyer, showing that smart, well-planned renovations can add significant value and appeal.
source: OneRoof
The apartment, on Princes Street, in Auckland’s Northcote Point, was snapped up by a first-home buyer for $625,000 at the start of the month. The sale was the result of a miraculous intervention by the builder. The property first hit the market in 2022 as part of an estate sale. A buyer had offered to pay $520,000 for the unit but pulled out after discovering that it did not have a code of compliance certificate for extension work carried out in the 1990s.
The property had been on the market for a year since the collapse of the $520,000 sale and was “pretty much dead”. “They couldn’t sell it because no one could get lending on it. I think they had some cheeky investors offering them bugger all basically.”
The owners, who had inherited the property following the death of a family member, had looked at how much it would cost them to fix the CCC issues. Quotes ranged from $31,000 to $63,000, not including consultant fees. They decided instead to engage a builder who funded the repair and renovation work himself for a share of any profit made above the previous highest offer of $520,000.
Getting the code of compliance was both costly and lengthy - blowing out what would usually be a one-month renovation to two months. “They [the council] don’t make things easy and they don’t make things cheap.” As part of the project, the builders had to rebuild a problematic wall. Sign-off required the work of an architect and an engineer and took six building inspections.
A further $30,000 was spent on transforming the basic one-bedroom unit into a modern masterpiece with a sleek dark kitchen, herringbone flooring, a new bathroom, and new wiring.
The 50sqm unit re-hit the market at the end of October and within 25 days was under offer to a first-home buyer, settling last week. It was great to see the unit go to a first-time buyer because prior to the renovation there was no way they would have got lending or insurance.
The family member who was handling the sale was also relieved to have finally sold the property and could now move on.
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