The seven-step plan for renovating in the new year

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The secret to renovating for profit is in selecting the right property, conducting thorough research and having a good plan. It is important that the type of renovation projects you attempt is in line with your level of knowledge, skills and tradespeople contacts. 

There are literally hundreds of improvements, big and small, that you could do to increase the value of their property. By using some common sense I believe most people can handle a basic rejuvenation without too many dramas. 

The trick is to add more value than the actual cost of the improvements. This is my seven-step plan to renovate properties for profit: 

Step 1: Understand the renovation profit formula 

Step 2: Work out how much you can afford

Step 3: Target the right type of property

Step 4: Market research and preparation

Step 5: Select the right property type

Step 6: Pay the right price

Step 7: Get the work done on time and within your  budget

Sourced from: PropertyObserver.com.au by Patrick Bright. Read more

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