Getting a Return on Renovations
As confidence returns to the housing market, both renovators and auctioneers are reaching for their hammers, reports news.com.au.
Homeowners are warned, however, that DIY improvement will not always guarantee added value to your home. Renovating for profit requires a different approach compared to renovating for style and comfort.
Investing money into a property with the intention to immediately sell virtually turns you into a developer. Archicentre even has a name for these homeowners – the ‘reno-velopers’.
It’s essential that ‘reno-velopers’ spend their money in the right places and seek advice from professionals about what buyers want. Ask them how best to improve the property and listen to their advice. A professional can inform you that something is not worth doing.
Remember that a because of a poorly done renovation, homeowners can even devalue their property, rather than increase its worth.
Another important element is finding the right tradesperson. If it is a deck you require for example, ensure your tradesperson specialises in decking or has extensive knowledge of the process.