Here are the challenges when renovating and flipping in more premium suburbs.
- The buyers are more picky and their wish list is much bigger.
- The buyer pool is often smaller
- It’s more difficult to compare sales as there can be less comparable due to building size, spec & potentially location
- The price range can be considerable compared with cheaper markets
This is not to say you cannot flip in premium areas, the upside can be very good, but if you get it wrong it can also hurt a lot more.
A lot more due-diligence is required in these markets, including:
- Specification/ finishes
- Location within the suburb
- Design/ layout
- Market movement
