Real Estate

Renovation could selling alternative

DO you watch renovation shows and think, I could never do that?

You are not alone. Did you know only 20 per cent of the population has the vision to see past an un-renovated property and know that if they polish the stone, they will have a gem?
As most of us know, property creates more millionaires than any other mainstream strategy. The quickest way to create wealth and build a property portfolio is to renovate an old property and re-sell it or hold it and use the equity to buy another property.
In the past when owners have outgrown a house, they have sold their property and upgraded. Lack of stock and rumours of the property bubble bursting, has forced owners to think of alternatives to selling.
Firstly, finding new properties that tick more boxes and secondly through looking at their own home with fresh eyes, with more and more turning to renovation to help them achieve their goal of owning an updated or bigger property.
Renovations usually fall into two categories – cosmetic or structural.
A cosmetic renovation can be as little as painting, changing lights and replacing the carpet.
It can also encompass replacing or updating floors, built-ins, kitchen and bathrooms. When cosmetically renovating a property on a budget, it is important to see if you can make-over key rooms instead of completely replacing them.
A kitchen typically has a lifespan of 20 years before it wears out or looks out of date. If the carcass is good, simply replace the doors and handles, upgrade the appliances and add a new sink and taps. You can even resurface the old bench-top to save dollars.
Adding a bathroom is another great way to add value. In a smaller home, why not think of converting the laundry into a second bathroom?
A structural renovation is usually everything in the cosmetic renovation plus structurally changing the building like taking out walls, as well as building an extra floor or extending the building in some way. For structural renovation, you must obtain council approval.
Planning and preparation are the keys, make sure you always do your homework.
For further tips on the best area to spend your renovation budget, give us a call 1300 447 732.