Well, you can. Renovation is both art and science – but it’s mainly science. You buy at a good price, you renovate to budget and you sell for more than your purchase price and reno costs. Simple hey?
And that’s your first mistake. Renovations are not simple – ask anyone who’s had a crack. But if you do your research and learn from the experts then you’ll set yourself up for an easier ride than most.
To get you started, here are #6 common traps to avoid, courtesy of Property Update.
- Don’t over-capitalise. In other words, don’t spend more money on a project than you can recoup through the sale price.
- Conversely, don’t be a tight-ar$e. Noticeably cheap fixtures, fittings and DIY jobs will turn buyers off quicker than Scott Cam can say ‘tools down Blockheads’.
- Develop a budget and stick to it. You’ll find it much easier if your budget is realistic.
- Don’t be a fashion victim. You can’t turn Shaynna Blaze into Donatella Versace, but nor should you try, Shaynna’s alright as she is. In other words, don’t try to make your property something it’s not.
- Pools don’t necessarily add value. Or at least not as much as you think.
- Check your ego at the door. A vanity project that appeals to you is unlikely to appeal to a wide-range of buyers.