Bathurst Blog

Yes, but with qualifications. If you can do most work yourself, the profit potential is good. If you must hire contractors do it, you really need to get out the calculator, take a moment and double check that there’s a profit for you.

A common mistake with ‘fixer uppers’  is not considering building code regulations requiring minimum sizes, facilities and quality  on construction and the use of certain materials and products in a home. Many older homes don’t comply with current code, and don’t have to as long as nothing is changed. Structural works or anything needing regulatory approval usually means updating the house to the current standards.

Now that the boom in prices has stabilised or pulled back a bit, it’s a good safe time to be considering an investment. Buying a suitable house, living in it while renovation or doing additions is a good profit maker. Consult your financial or tax adviser as to whether it’s possible for the profit to be tax free over a period of time.

Flipping a home that needs some cosmetic repairs can be very profitable. If you do not understand the full costs associated with the upgrade, however, it can become an emotional and financial nightmare.

Raine & Horne Bathurst Real Estate are experienced and knowledgeable in all of buying, selling, letting and management. If you have a matter in mind feel free to contact us at any time on 02 6331 6555 or come in and talk to us.

We’re the trusted name in real estate and we’re here to help.