Buying property? Then this blog is for you!!

This blog helps the property buying community to more easily share strategies, stories and helpful tips. It is an open blog. Anyone can join, contribute and invite others to join.

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Office: 1300 911 576
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12 September 2009

Renovating on the cheap, but not nasty!

Let's get one thing straight, when you're planning to Buy, Renovate and Sell, there should be only one thing on your mind = making a profit!!!

When looking at residential property, we all know kitchens and bathrooms generally cost the most to update (beyond structural work). They can also be the rooms that make the biggest impact to the buyers and to your bottom line.... when the renovations are done properly and cost-effectively!

Let's say your kitchen and bathroom look like they need an overhaul. Instead of immediately planning to rip them out and start again, look to see if the fundamentals can stay and be given a facelift instead.

For example, can you escape by giving the kitchen a paint, new tiles, spash-back and new cupboard handles? If you can, the cost difference between this approach compared to ripping it out and installing a complete new kitchen could save you approx $5,000.

Bathrooms are similar. Can you get away with updating the flooring coverings, cupboard handles, fittings and a paint job (including the bath)? Again, the difference in approach could save you thousands of $$$.

For some properties, taking a 'minimalist' approach can turn a relatively neutral project into a very profitable one. I'm not suggesting you cut corners, but I'd encourage you to focus on what really needs to be done instead of assuming that everything needs to be gutted and replaced.

If you need help crunching the numbers, give us a call on 1300 911 576.

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