Home Australia I added $950,000 of value to an old Aussie property in less than six months – these are my secrets to the ‘perfect flip’ in 2024

I added $950,000 of value to an old Aussie property in less than six months – these are my secrets to the ‘perfect flip’ in 2024

by Elijah
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Before: This 1970s brownbrick house on the New South Wales Central Coast has been gutted and converted into a stunning four-bedroom property

A dilapidated brown brick house from the 1970s has been transformed into a picturesque Hamptons-style oasis – and it took less than six months to achieve the impressive result.

Chris Bye, 44, who became a carpenter, bought the Central Coast property in January 2023 for $725,000 and sold it five and a half months later for $1.675 million.

The original three-bedroom, one-bathroom cottage on 556 square meters of land was gutted inside and out to make room for an additional bedroom and bathroom.

Sir. Bye that leads Flipping Homes Australiasaid of the $950,000 in revenue, $288,000 of the cash was pure profit as it cost $688,000 to renovate.

He’s now on a mission to educate other Australians about the hard work and money involved in house flipping.

Before: This 1970s brownbrick house on the New South Wales Central Coast has been gutted and converted into a stunning four-bedroom property

Before: This 1970s brownbrick house on the New South Wales Central Coast has been gutted and converted into a stunning four-bedroom property

After: Carpenter turned house flipper Chris Bye, 44, bought the property in January 2023 for $725,000 and sold it five and a half months later for $1.675 million

After: Carpenter turned house flipper Chris Bye, 44, bought the property in January 2023 for $725,000 and sold it five and a half months later for $1.675 million

After: Carpenter turned house flipper Chris Bye, 44, bought the property in January 2023 for $725,000 and sold it five and a half months later for $1.675 million

Sir. Bye has been renovating houses for the past ten years and flipping them for the past four and a half. He says on average it takes his team of 15 people five months to complete the process.

‘Before I started, I had always wanted to get into flipping houses. “Home design and architecture is my passion, as are renovations – I live and breathe it,” he told FEMAIL.

‘I love buying a tired, run-down property and turning it into something modern. The properties we buy most people would never set foot in.

‘This 1970s house we bought for our recent reno was in great disrepair and hadn’t been touched in decades. It still had the original kitchen, carpets, curtains… everything!’

Sir. Bye said by renovating older properties, he ‘saves them from being bought and torn down’ by investors or corporations.

The original house contained an outdated green kitchen

The original house contained an outdated green kitchen

The original house contained an outdated green kitchen

1711216196 721 I added 950000 of value to an old Aussie property

1711216196 721 I added 950000 of value to an old Aussie property

Now it has an open-plan living and dining room, as Mr Bye said “that’s what people want” instead of a house with several small rooms

The Hamptons-style property is stunning with skylights and a back deck

The Hamptons-style property is stunning with skylights and a back deck

The Hamptons-style property is stunning with skylights and a back deck

The classic 1970s style radiated throughout the one-story house with yellow walls, small tiles in the bathroom, a green kitchen and large backyard.

Now the house has an open-plan living and dining room, six skylights to welcome in the sun, a gorgeous freestanding bath and an outdoor deck area.

The master bedroom has its own bathroom and there is also a separate sitting room at the front of the house.

Sir. Bye warned that the process of flipping houses can be “very stressful” as there is “a lot of money and risk involved”, but “everything is calculated”.

“We follow a very strict process to find the right property, make sure it’s below market value and plan exactly what we need to do in advance,” he said.

'This 1970s house we bought for our recent reno was in great disrepair and hadn't been touched in decades. It still had the original kitchen, carpets, curtains.. everything!' said Mr. Bye

'This 1970s house we bought for our recent reno was in great disrepair and hadn't been touched in decades. It still had the original kitchen, carpets, curtains.. everything!' said Mr. Bye

‘This 1970s house we bought for our recent reno was in great disrepair and hadn’t been touched in decades. It still had the original kitchen, carpets, curtains.. everything!’ said Mr. Bye

The master bedroom has floor-to-ceiling windows and an ensuite

The master bedroom has floor-to-ceiling windows and an ensuite

The master bedroom has floor-to-ceiling windows and an ensuite

He never buys properties at market value because it is ‘too risky’ after allocating all the extra costs involved.

“We always want to make sure we find a property that is suitable for a renovation to add value to it,” he said.

When Mr. Bye searches for properties to renovate – a process that can often take months – he looks to see if another bedroom and bathroom can be added, as these increase the value the most.

‘I like to buy properties from the 1970s to the mid-1990s. Quite often what these houses will have is a formal lounge or dining room,’ he said.

‘People don’t want more small rooms in houses anymore – they want open-plan layouts. So the formal dining room tends to be changed into a second bedroom.

He is also looking for ‘huge, unnecessary’ laundry to be turned into an extra bathroom.

The original bathroom had small tiled, outdated cabinets and yellow walls

The original bathroom had small tiled, outdated cabinets and yellow walls

The original bathroom had small tiled, outdated cabinets and yellow walls

Now there is a freestanding bathtub, lush shower and double sink

Now there is a freestanding bathtub, lush shower and double sink

Now there is a freestanding bathtub, lush shower and double sink

As for other advice, he said to ‘prepare, plan and look after your mental health’.

With each house flip, Mr. Bye and his team dealt with unforeseen challenges – from water damage, plumbing and electrical problems to a rotten substructure.

But he said it is ‘inevitable’ to run into problems when turning over old homes.

‘Be sure to invest in yourself first by researching the process. Use social media, start following people and just be aware that this is not an overnight process, Mr Bye said.

Everything except the four walls and roof was changed

Everything except the four walls and roof was changed

Everything except the four walls and roof was changed

1711216197 853 I added 950000 of value to an old Aussie property

1711216197 853 I added 950000 of value to an old Aussie property

As for other advice, Mr Bye said: “prepare, plan and look after your mental health”

Sir. Bye has also launched a ‘guide to flipping homes’ to outline the costs and work involved in flipping houses.

‘I want people to be armed with all that knowledge before they get started. There’s a lot of work that went on behind the scenes and if it’s done wrong, you might not make money,’ he warned.

The course consists of 18 chapters and 80 videos that explain everything from how to budget with a ‘master spreadsheet’, hidden costs to be aware of and tax fees.

It’s perfect for beginners looking to update a small space to those confident enough to tackle a full home renovation.

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