To find the right property I would recommend using a professional buyers agent. Through my years of being a real estate agent I meet many renovators that typically didn’t learn how to make money till their third or forth project. Buying the right property is a learnt skill that requires experience in real estate and renovating. For more information contact Wise Real Estate Advice on 1300 00 WISE.
Once a budget is determined (cost of the total project including profit) it’s time to look for a property with potential. A few things I look out for:
- Let there be light. Replace walls with windows or add skylights to bring in the natural light are one of the easiest ways to brighten up the place.
- First impressions: Adding a garden can transform the feel of the whole place. When the home is on the market this will draw more buyers increasing bidding competition and soften up potential buyers before they walk in.
- Bigger is better: New knobs on the kitchen cupboards may improve a house’s looks at the time of sale, but what really brings long-term added value is extra space. “If you’re doing an extension, there’s no point in doing a small one,” adds Mark. Make the extension as big as you can afford, without compromising the quality of your house, the size of your garden, or annoying the neighbours.”
- Good as new: A few coasts of paint is the quickest way to increase major value. Best, then, keep the property in a permanent state of fresh glossiness.
When selecting a property spend money on things future buyers can see and touch rather than things buyers can’t see.