Thinking of renovating? If you want to get it right the first time and avoid costly mistakes then it’s important to plan your renovation with precision. The easiest way to keep a renovation on track is to make sure all the tradespeople do their work in the right order.
One of the biggest mistakes renovators make is failing to consider the needs and wants of their prospective tenants or buyers. There is no doubt that this year’s auction results on reality TV show The Block were as high as they were due to the renovators accurately considering the needs and desires of their ultimate buyers.
If you haven’t planned a trip away, then the Easter holiday period is the perfect time to get started on that “to do” list of home improvements that are well overdue. There are dozens of easy improvements, big and small, that you could do around the house to improve the look and feel and most importantly, the value of your home. It’s important to select jobs where you can do a quality job yourself and avoid those that really need an experienced hand.
So you’ve decided to renovate. Should you do any of the renovating work yourself? Legally you can pretty much do everything that is cosmetic. What you can’t do is anything electrical or that falls under the heading of plumbing work.
If you don't include renovating as part of your property investment strategy then you're probably not maximising your potential returns. You can use it to fast track the growth of your portfolio, create an additional income stream, or a combination of the two.
Adding value to an investment property can be relatively simple if done the right way. You add value by taking a structurally sound but run down property and smarten it up, making it more desirable, and thus more valuable, to renters and buyers.
If you’re looking to undertake a renovation job then chances are the kitchen and bathrooms will be on your ‘to do’ list. These are ‘make or break’ rooms in a property if you’re looking to sell it or rent it out for a great price.
But just because you need a quality outcome doesn’t mean you have to pay a premium price. Here are a few ideas that can give you a winning finish without the hefty price tag:
Reality shows like ‘The Block’ set off DIY trends where suddenly everyone thinks it’s easy to renovate. What typically ends up happening is the renovation comes in over budget, late and with an ordinary finish. Here are just a few pointers that DIY renovators need to think about:
If you’re embarking on a renovation project have you taken the time to work out your risk profile?
Confused? Let me explain. Each property type has a varying level of risk and potential rewards which you as a buyer should be aware of.
It’s important to buy and renovate the right property type to match your risk profile because while you want to maximise the return on the money you invest, you also want to be able to sleep at night.
Everyone has a different risk profile based on their attitudes, knowledge and situation in life.
