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IS RENOVATING YOUR PROPERTY WORTH IT?

With the current financial relief of accessing superannuation, government incentives to renovate as well as the increased emergence of renovation television shows over past years, we are starting to see more property owners choosing to renovate or upgrade their property. 

If you are considering selling a renovated property in the short-term, or want to make money from your renovations, you should take the following into consideration to ensure that you do not over-capitalise.

Tips to Remember:

  • Know the value of your property before you undertake the renovations.
  •  Know your local market.  What is the average price for similar properties?  What is the lower and higher priced range?  How are these properties presented? To really get to know the market, take the time (if possible) to drive past and view these properties.
  • The most popular rooms to renovate are the bathroom and kitchen, as they offer emotional appeal to the buyer or investor
  • Take the time to obtain several quotes from the outset.  Always add an extra 10%-20% on top of your anticipated costs and allow and budget for the unexpected costs
  • Engage an expert builder or project manager to assist with establishing the overall renovation costs/project.

  • Always take the property resale values into account when you renovate. 

 

Renovating is often a personal choice on many levels.  If it is an ‘investment’ decision, don’t forget to take into consideration the needs and wants of potential tenants and buyers. Any questions contact our team at Raine and Horne Surfers Paradise today! 

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