For homeowners, renovation simply means improving an outdated structure or repairing any damage in a dwelling. For property investors, it doubles as a strategy that could help them generate instant equity and ultimately improve the overall cash flow situation of a property portfolio.
A lot of investors looking to add value to an existing property are resorting to renovations, but what exactly does it mean to renovate a property?
Should you start with the kitchen or the bathroom? Can you change an entire floor plan?
Do you tear down a wall and rearrange the pipes? Or are you better off just slapping a fresh coat of paint on the walls?
Renovations could mean different things to different investors, and as in any investment strategy, the decision to improve a property for equity must be based on one’s goals, capabilities and limitations. If carried out correctly, renovations increases a property’s potential to create thousands of dollars in returns over a short period.
Smart Property Investment introduces multiple ways to ensure maximum value from a renovation—from identifying consumer demand, creating a renovation budget and timeline and confirming probable revaluation range to finalising a design plan, finding the right tradies and mitigating risks.
Whether you’re doing it yourself or engaging professionals builders, a targeted approach can help any investor improve the presentation and the value of their property without overcapitalising.
The Renovation section also explores national and state/territory regulations affecting renovations as well as current trends in interior design and landscaping, including paintwork, floor coverings, window treatments, tiling, light installations, lawn and garden maintenance and many more.