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