Renovationg for profit

Top tips for renovating for profit

Renovating for profit isn’t as straight forward as a coat of paint and adding instant value to your property. Real value means time and money invested. We have other blogs about what to actually renovate to increase value in your home which you can find here but this blog is our top tips to set you up for renovating success.

1. Research

Especially if renovating is new for you or out of your comfort zone or skill set, put your personal style aside and research the improvements that are most likely to add value for your particular home, your area and the current property market. Put your money into what people value based on these criteria. Remember making money renovating isn’t about your personal style but on your target audiences needs.

2. Budget

Cost blow outs renovating undoes all the value add you were trying to accomplish for your property, not to mention cash flow issues and being able to complete the renovation. Before any purchases, make sure all renovation costs and a buffer for blow out allowances are accounted for. Many trade stores have experts who can help you estimate costs and draft a budget for you.

3. Make it Simple

It’s not always the major bathroom and kitchen renovation overalls that add value to your property. If your budget is tight, there are still many low cost improvements that could still increase your properties value. Instead of a total bathroom overhaul, new paint and bathroom fittings could work. New light fittings, new door and window handles, new floor coverings.. the list goes on that can help rent or sell your property for more by the look and feel and updated style of your property.

4. Network

Having a network of renovation experts can assist you greatly in saving time and money. Developing relationships and rapport with painters, electricians, plumbers, roofers and even cleaners will ensure they do the best job on your renovation.

Renovating for property may look easy on those reality tv shows, but it is a skill that needs practise. Research shows that to maximise your renovations, as a property owner looking to profit, every $1 you spend on the renovation should return $2.

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