When local businessman Fineas Pintilie started building on a block in Bahrs Scrub, those around him told him he was “over-capitalising.”
“Everyone was saying the same thing,” he said.
“They would make comments such as, ‘this isn’t Hope Island – you don’t know what you’re doing.'”
But Mr. Pintilie has turned the Ironbark Avenue block into a four-bedroom family home that he says is now worth at least $1.3 million.
“I’m gonna get back every dollar I put into it and make good money,” he said.
“My wife and I built it about two years ago with the help of my mate who’s a builder.
“We designed it ourselves and never intended for it to be our forever home or anything like that.”
Multiple other properties in the same neighbourhood, which Mr. Pintilie said were of similar or lesser quality, have sold for around the same price.
A tiler by trade, Mr. Pintilie said he was able to build the house for about $800,000.
“We decided to build it, live in it for 12 months, and then sell it,” he said.
“By the time we finished the landscaping and everything, we already had the second one on the go.”
This is Mr. Pintilie’s second crack at developing, and he said he’s learned quite a few lessons along the way.
His main tip: live in the house for at least 12 months to avoid paying capital gains tax.
“I think the best way to make any sort of money is building a principal place, selling it, and then moving into another one and changing it to your principal place – just because you don’t pay capital gains,” he said.
“Someone a bit more advanced would be able to do big developments or multiple investments, but on a lower scale, that’s probably one of the quickest and healthiest ways to grow wealth.”
He said it was also important to figure out why you were buying.
“There’s two types of buyers: an investment buyer and a buyer who buys it for themselves,” he said.
“Those two buyers have two significantly different things that play into the purchase: the investment buyer buys with his head – the numbers have to make sense – and the other buys it with their heart.
“The idea all along for us was that this home is going to go to someone that will appreciate every bit of detail that was put into it.”
Number 3 Ironbark Avenue, a 523sqm property, now features a four-bedroom home with a sprawling master suite complete with an ensuite, walk-in robe, and make-up station.
The open plan living and dining area connects to a covered outdoor area Mr. Pintilie said was perfect for entertaining, while a galley kitchen includes Miele appliances and a walk-in pantry.
The upper floor provides a separate living space, suitable for older children or extended family, along with a family-sized laundry and a main bathroom.
Outside, there is a pavilion with a kitchen and a sunken fire pit.
“I think this place is catered towards young families that love to host and entertain,” Mr. Pintilie said.
“The way it’s set up, it’s definitely an entertainer’s home – with the surround sound system throughout the house, the swimming pool, and the big open space downstairs.
“It’s definitely a home for younger families.
“It’s catered to a younger generation and families that have friends they want to entertain, but also want a great forever home.”
