investment-guides

Caveat emptor: renovator beware

By Stacey Moseley

Renovating is a popular way to add value to property and enhance our lifestyles, but it has to be approached with caution.

 

I caught up with an old friend of mine last week who had just made it out of the wreckage of a renovation from hell. She and her boyfriend had embarked on a mission to restore their old property but had found themselves in the presence of one nasty can of worms.

It turns out the property required much more work than they’d anticipated – as well as a lot more money. Exasperated and unwilling to spend any more cash, the pair decided to sell up and get out.

Indeed, renovation can be challenging, but some careful investigation, scrutiny and homework prior to purchase can usually guard against any nightmarish outcomes.

So before you choose a renovation project, you’ve got to do your due diligence to ensure nothing is going to get in the way of your goals. In other words, a professional building inspection is an absolute must in order to understand the real condition of a property.

Renovation doesn’t come without its risks but done well it can be a recipe for property market success.

There’s also a list of ways to add value to a property without breaking the bank.

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