A small, one-bedroom home in Adelaide’s affluent suburbs has gone for a $2,300 refurbishment costing up to $2 million, as business owners try to tackle the growing number of high-end remodels they have to make to compete with cheaper competitors.
The two-bedroom house in the heart of the suburb of Balga is one of many properties that have undergone renovations since the start of the year, according to a listing on Realtor.com.au.
The property, which sits on a prime shopping street, was last sold for $2-million in 2016.
The house, which also has a small kitchen and a two-car garage, is expected to sell for $5 million to $6 million when it is sold.
“It was pretty clear the market had changed since then,” Ms Kelly said.
“We had a couple of new people in the house and the house had a lot of room, so it’s not that big of a change for the most part.”
A remodel that required more than $1 million was the most expensive on the property, according the listing.
The home had been on the market for more than three years.
The house also features a small bathroom, an indoor pool and an outdoor pool in the backyard.
The home was originally built in 1884 and the building, which dates back to 1887, was bought in 2005.
Ms Kelly owns a large property in Adelaide, which she described as a “big, old” building.
“That’s something we have had for a long time.
I’ve always said we have this old building and we’ve had a number of remodels,” she said.
The building, she said, had been a bit of a challenge to renovate because of the size.
“You’re looking at about 15 floors, so you’ve got to take out a lot more floor space than you think you’ll need,” she explained.
The renovations involved adding a large swimming pool, installing an indoor swimming pool and a kitchen, as well as upgrading the kitchen.
“A lot of it was about trying to find the right balance between a modern kitchen and modern bathrooms,” Ms Kim said.
Ms Kelly also had to find a home that could accommodate a child-sized bathroom and a small children’s room.
“There are a lot fewer children and they need a little bit more space to walk around and play, so we did a lot on that front,” she added.
The kitchen has been modified and has been made more attractive, with a new counter and a glass top.
Ms Kim said it was the best decision she had made in a long period of time.
“The best thing about this house is that it’s so big that it really has been the perfect balance for our lifestyle, which is just about making sure that we’ve got the right space to get everything done,” she told ABC Radio Adelaide.
“I’m not going to sit here and say I’m not a bit nervous about it, I’m really excited about it.”
Ms Kelly said she wanted to continue to renovating her home in the next few years, with more projects planned.
“Once I finish my business and then I’m able to get back to the business, then I’ll start looking at the next house and hopefully the next place that’s really looking to renovates,” she laughed.
Topics:housing-industry,rental-property,business-economics-and-finance,community-and,april-28th,alberta-2800,parklands-3330,sarah-roseland-3022,saMore stories from Victoria