Renovating For Profit – Tips From The Experts

It’s the Holy Grail for many property investors – buying a property, renovating it, and then selling it for a profit.


Chris Gray, host of ‘Sky News Business’ and ‘Your Property Empire’ recently shared his thoughts on what property investors need to know in order to complete a successful renovation on time and on budget.
1.  Choose properties that need mainly cosmetic work
Chris advises that investors avoid properties with structural damage, as this is often when expensive problems occur.  According to Chris, if you already own the property you definitely need to leave that part to the experts.
2.  Find a valuer
Chris notes that one of the biggest misconceptions investors have is that the more they spend renovating a property, the more profit they will make.  A valuer can tell you if your $30,000 kitchen renovation will actually add $30,000 to your home’s value.
3.  Be realistic when doing it yourself
According to Chris, His tip is to double your expected cost and timeframe and then work out if you’re still going to make a profit.
4.  Use a project manager
Chris advises that there are too many risks involved in managing a project alone.  Handling the renovation yourself could save money initially, but hiccups along the way might turn your $40,000 renovation into a $60,000 – $80,000 job in the long run.
According to Chris, “even if the property market hasn’t moved in your   local area, renovations can create artificial growth in your property’s value.”

 

About Port Douglas

Port Douglas real estate - Real estate in Port Douglas is now sought after the world over. Our passion for where we live stems from Port Douglas being the only place in the world where two natural, world heritage listed sites (the Great Barrier Reef & Daintree Rainforest) exist side by side. If you would like buy or live in your own piece of paradise, please browse our real estate listings http://www.realestateportdouglas.com.au The views expressed in the Port Douglas blogs are not those of Century 21 Port Douglas Real Estate nor the Century 21 franchise.
This entry was posted in Australian Home Buyers, Australian Homes, Buyer's need to pay attention To Details, Century 21, Century 21 Port Douglas, Far North Queensland, Home Building, Home Loans, Home Ownership, Housing Affordability, Housing Data, Investors, Port Douglas, Preparing Your Home For Sale, Presenting Your House For Sale, Property, Property Investor, Property Port Douglas, Property Tips, Queensland, Real Estate, Renovating For Profit, Renovations, Tips For Vendors, What is Your Property Worth and tagged , , , , , , , , , . Bookmark the permalink.

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