Handy with the tools and fancy the idea of renovating a property to make money? It’s a popular concept right now considering successful shows like ‘The Block’ makes it look easy.
Over the years I have renovated properties and sold many renovated projects on behalf of vendors and learnt that half the job in making healthy profits starts with the right property selection.
Good property selection is a learnt skill and will help you avoid the traps amateurs make. Some tips to look out for is:
- A unique property that will attract buyers and renters.
- A property that needs minimal work to avoid over spending.
- Stay away from property with structural issues.
- Targeting a popular demographic for the suburb to maximise buyer competition when selling.
- Functional floor plan.
- Accessible off street parking.
For more detailed information on the topic check out the article on: Renovating For Profit.
Decisions made at the start of the project will benefit you when it comes time to sell. If you are new to the real estate game and would like to avoid the mistakes of buying the wrong property consider hiring professional real estate agent to the hard work for you. Leveraging a buyer’s agent’s experience means avoiding the pit falls of buying and giving yourself the best chance to make a profit on your first renovation project.
For a free consolation call wise on 1300 00 WISE to hear more about how buyer’s agents have helped there customers purchase diamonds in the ruff.