Bargain homes across Northern Rivers region
By ALEX EASTON
WHEN it comes to real estate, there is a lot more to bargain-hunting than low prices.
And what one person regards as a great buy, another may see as a dump.
Of course, a dump that can be turned into a palace might be exactly what they're after.
One of the most common forms of bargain-hunting is people wanting to buy cheap, renovate and then sell dear. It's a great idea, in theory.
The difficulty comes when people underestimate the level of work and skill involved and the cost of the equipment needed to do it.
Home renovation television shows, Mr Deegan said, have a lot to answer for.
"They might do something in two days, but they might have 50 people working on it," he said. "If it's one person, then it's 50 days, and if it's one person, one day a week, that's a whole year."
For most of us mortals, the surer path was to do our homework on the house and the area and make an offer.
Mr Deegan said a reluctance to make an offer on a house was often the greatest barrier to people looking for a bargain home.
"The worst that can happen is they say yes," he said.
'Homework' was as easy as taking a good look a the house first and hopping on the Internet, where websites such as Home Price Guide and PropertyValue offer price profiles for areas, down to the number of sales in a street and the price they sold for.
VIEWS like this usually come with seven-figure price tags, but this place is going for only $295,000, making it possibly the best buy on the Northern Rivers.
The catch? The two-bedroom cottage, which is in good condition, that comes with this Mullumbimby property is not council approved, meaning it may have to be pulled down.
Even then it would be a good buy.
Agent Richard Ferris, from Byron Bay Professionals, said the 2.5-acre block at 11 Tristran Parade was only three minutes from the Mullumbimby town centre and already has town water, electricity and phone lines running.
The block has a north-east aspect, extensive rock walls solid bush growth and comes complete with a cleared building site for the new owners to build their new home on.
Even though the cottage already on the property was not council approved, Mr Ferris said it could pull a rental income of about $150 per week, or the new owners could live in it while they built their new home.
For details call Mr Ferris on 6685 6552 or 0412 317 114.