If you are considering buying a property to renovate for profit or keep, here are a few tips to consider before you sign on the dotted line.
Research the local market to make sure you are buying at the best possible price. View the sold section of hillsea.com.au and popular realestate websites to find out current sold prices in the area for properties similar to the one you are looking to purchase.
Drive through the neighbourhood as good as the property may be, you can’t change the neighbourhood you buy into. Make sure it ticks all the boxes – proximity to transport and local shops, what it being developed in the area are a few to consider.
Invest in a building and pest inspection. This will eliminate any nasty constructual surprises that good end up costing $1000’s to fix.
Don’t overspend on the renovation. Over capitalising on a renovation is one of the biggest mistakes people make. Sure marble bench tops look good, but are they necessary? Will they increase the sale price of the property? If you are going to live in the property for many years to come, then sure splurge on the luxury items but remember they won’t necessarily translate into profit dollars on sale day.
Stick to neutral colour tones and fixtures to ensure that you appeal to a broad range of buyers. The end buyer can add their own touch of colour.