Property Renovation < Property < Keys To Succcess Club
Property Renovation is an interesting area and the mindset element is key here.
If it is your principal place of residence then you may have an emotional reasoning behind renovation. If so, that is great. Go fo it!
If your intent is to improve the capital value or rental yield then you need to very wary of the emotional side when you consider getting into renovations. Don’t get me wrong, renovating a property can be a very effective way to improve the investment, but you can also get caught out by:
You need to really think about what and how you renovate.
Look at renovations that add freshness, will appeal to many people and have a good return on your investment. You can spend $50,000 on a bathroom or you can spend $10,000. Focus on what will make a difference. If in doubt ask rental agents and valuers what they would do with your property.
And don’t forget to understand why you are doing and then act on it, otherwise it may just be cash out of your pocket. Up the rent or get a revaluation and take out equity or whatever your strategy might be!!
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Other information on property renovation:
Keys To Succcess Club > Property > Property Renovation