First Renovations
February 11, 2009 | admin | Comments 0
How would you go about doing your first renovation?
First off, do your research on costs and give consideration to:
- Per square metre to paint inside
- Per square metre to paint outside
- Get prices on plumbing fittings
- Get prices on flooring
- What type of finish is expected in a house in the area
- Research what decorator colours are fashionable
- Get prices on anything that you think might be something you would spend money on
What would you look for in a reno:
- A below average priced house or unit
- A seller with a need to sell
- Make your first project a small sized project
- Look for a property that will have street appeal once it upgraded
- Decide on the profit you want from doing the renovation
- Assess whether you can make this sort of profit from the work you are going to undertake
- Importantly, have it checked by a building and pest inspector – if the report is a little negative you may still go ahead but negotiate any faults into the purchase price.
Strict guidelines to adhere to (apart from the ones mentioned above):
- Set your budget
- Start with the job that will lift the selling price the most
- If you go over budget in one room, cut back in another
- Make sure your total budget does not blow out or it will cut into your profit
Another very good point to remember is to get your real estate agent on side. If the agent feels there is going to be a double commission they will work wonders for you. Keep them informed as to what you are needing to buy, what you are going to do, and hopefully they may have a buyer ready and waiting for when you have finished. Or, you may even have a contract written once the place becomes presentable, but not completely finished.
Filed Under: Property Investment Tips • Renovations
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