Look to basic renos for wealth
“Mum and Dad” investors should look to basic renovations to untap immense wealth, according to Renovating for Profit founder Cherie Barber.
Small cosmetic renovations can add between two to three dollars back for every dollar spent and are within the skill set of every property owner.
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“For everyday Australians there is so much opportunity to create independent wealth just by doing a low-budget cosmetic renovation to your own home,” Ms Barber told Smart Property Investment.
“It’s a really great way to get wealth. It could even be the smarter way to supplement your income rather than a second job.”
Even updating a single room can have massive returns and opportunities for investors, she explains. The property can be revalued after the improvements to increase equity for a deposit on the next property or as capital gains for those looking to sell.
“I did one cosmetic reno where I spent $8,890 on a kitchen and she had it valued before hand and after, and the real estate agent told us that the renovation had added, at minimum, 25 to 60 k to the house,” she said.
“A lot of people go to work and slog their heart out for a pittance each week, but there’s real opportunity for people to add value to their own properties and create equity just by doing these low-budget renos to their own home.”
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