Property Investment Tips: Two basic tips to remember when renovating for profit

By the resi financial blog team, 08 April 2014

Tips for renovating for profit

When renovating a property to increase it's value, it may seem like any changes you make to the real estate will help your cause. However, there are a couple of things to keep in mind when making selections and undertaking renovations that could potentially alter the value of your home. 

Lead with the head, not the heart

One thing to remember when emerging into the investment property market is that the turnaround on this real estate is going to be comparatively quick compared to a home you call your own. Therefore, it could pay to not get too emotionally attached to the house and to always keep your sales objectives and goals at the forefront of every decision. 

This could be over something as big as the decision to install a pool or as small as what colour to paint the bedroom. But remember; you're doing this to maximise your profits, not make the home into your own private castle. This could also factor into the size of your renovating expenses - helping you to reel in any expensive tastes you may want to indulge. 

Going it alone DIY style

Naturally, if you're aiming to increase the value of the property and secure a healthy profit from its sale, there are a number of inherent issues that could arise from trying to undertake renovations yourself. Unless you're a skilled tradesperson, it could be better to seek out the help of a professional.

While this may seem like an added cost in the short term, it will end up being less expensive than botching the job and having to redo the whole thing. Furthermore, having that experienced sheen and finish to the final product will shine through in open homes, helping you achieve your investment goals. 

 

Categories: Personal Finance, Property Investment