Renovating a property is one of the fastest ways to increase the value and create equity in your property. Renovating can range from a quick cosmetic reno to a full structural alteration. But it doesn’t matter how big or small the renovation is there are few things you need to watch closely to ensure your renovation is going to work for you.
Here are 3 of those things:
Your budget is one thing that will make or break a good renovation. Being clear on how much money you have to spend, and where that money is best spent is essential to know. Not sticking to the budget is also a common mistake which always leads to a budget blow out.
The time it takes to renovate a property is directly linked to the budget. Any time hold ups will see your budget blow out, not just with extra costs on site but also holding costs. Ask yourself, are you using your renovation time effectively?
3. The Market
What type of market are you buying in and renovating in? If you plan to sell after the renovation is complete then you need to be selling in the same market or a rising market. You don’t want to spend time renovating if the market has dropped, and so have your profits.
These are just a small number of the many things you need to consider when undertaking a renovating.
Until next time…