Averting renovation mistakes
Renovating your property for resale or investment purposes could devalue it significantly should your plans and construction be poorly executed.
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While thousands of Australians look set to renovate homes and investment properties this year – an industry worth $20 billion annually according to Archicentre, the building advisory service of the Australian Institute of Architects – ill conceived plans and inappropriate materials can cause negative cash flow for investments as well as poor re-sale options.
Some key renovation mistakes include:
• Poorly designed roof extensions on period properties
• Houses painted in garish colours
• Money poured into expensive bathroom and kitchen fittings at the expense of light and space
• Changing a house’s market segment from one to another, for example converting a three bedroom house into two through building a walk-in wardrobe
According to Archicentre, a well planned and executed renovation or extension could see owners recoup their investment with perhaps a 50 per cent tax free capital gain.
Planning and costing a renovation to work within an available budget combined with a clear understanding of how to tender the work out and manage the renovation project is fundamental to the success if any renovation.
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