Property Renovation Strategies

Seeking to buy a property for a renovation project? Allot of my customer hire me to find them the perfect renovator; something nice and simple that will not cost the world to fix up. One of the biggest factors in making money out of a project is buying in the right area for the right price.

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.

Renovation For Profit

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:

-       Location.

-       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.