Art Deco homes are prized for their style and durability. So, when investor Michelle Swinbourne saw a 1930’s duplex for sale in a popular Palmerston North suburb, she jumped at the chance to add to her portfolio.
The buy-and-hold investor has been in the property investment business for over three years and has experience in renovation. She knew that one half of the duplex would need a radical makeover, with a tenant in place for over 18 years (and no work done on the place since he’d been there). She had a big job on her hands.
Fortunately, the other side of the duplex had been renovated in the past ten years and wouldn’t require any additional work.
As a cash buyer who was prepared to take on the existing tenant, she had the winning bid for a sale that attracted eight other offers.
“I think this was why they chose me: I purchased the house for $650,000 last June.” This was just before the housing price explosion and she hasn’t had such a lucky break this year