It’s a battle royale.

In the red corner, a full renovation project- a complete renewal of the home to modernise and accessorise within its modern shell. An in the blue corner, a complete knock down- starting anew using the 1053 square metres of prime land to create your dream home.

Both viable options, and both an almost sure bet to line your pockets with a pretty penny, making the most of a bargain basement property at a time when the market is about to bounce back.

What you have on your hands is a simple but spacious home that needs a little TLC; the basic fibro design from the front is modest but neat, with a garage to one side, the tapered yard which sits in front of it could easily become home to a delightful garden with retaining walls, a grand entrance staircase and a bold entrance area.

Currently, a discrete gateway leads down to the side entrance area, before you step up to the front door. Immediately inside you step within the open plan kitchen and dining area with high cielings above solid wood floors.

An older style L shaped kitchen adorns one corner of the space, with blue benchtops and white cabinets as well as an upright gas oven and stovetop to one side. A separate retro overhead display cabinet provides a nook to store glassware of crockery with glass sliding panels and shelving. It sits beside the dining area, with big old style sash windows, a skirting border in the centre of the walls with country style wallpaper on the lower half and a surprisingly elegant hanging light.

Opposite, and a large entrance leads through into the lounge room, once again big windows providing plenty of natural light, and a wood fire perched in one corner.

The bedrooms and utilities can be found down a long hallway, which can be shut off from the living areas via a single entrance door to isolate the delicious heat from the wood fire if you wish. Both of the homes bedrooms are a good double size, and share the big beefy bathroom, as well as a corner shower, toilet and vanity with a small mirrored medicine cabinet over head, all in white.

The laundry also leads out to a decking ramp which flows down to the spacious and uniquely shaped back yard.

Huge established trees provide plenty of shade here, including a flowering hibiscus for a tropical feel.

Its elevated position means that your new home or the renovations can sport a big desirable deck entertaining area or a lovely courtyard in which to enjoy the space.

So whether you want to fulfil the homes potential with some new decor and perhaps some extensions, or whether you just want to make the most of this prime land that is just steps away from Albany Primary and Albany Senior High Schools with a brand new build, this property will allow you to get maximum bang for your buck while being completely liveable in the interim.

What you should know:
- Renovate or start anew
- Older style fibro home needing TLC
- Desirable location on the doorstep of two schools
- Huge 1053 square metre block
- Room for extensions or a big new modern build