What are the reasons you want to renovate? Is it to:
Improve your own home due to growing needs of your family?
Improve an investment property to capitalize on its rental income?
Renovate for profit – to buy and renovate a property quickly to gain income?
Aside from the reasons why you are renovating, the most important element that will determine what you do is your finances. Knowing how much you have to spend will influence your choices. Make sure you shop around for the best finance offer available to you.
3. Research, Research, Research
Before you buy a property, you need to research what the market is doing. Compare the value of properties in the same area that have similar specifications to the finished look you intend to achieve from your renovation.
There are two major problems to watch out for with renovation works:
Going over budget
Overcapitalising the property – spending too much so that the costs are higher than the property’s value.