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Property Renovations

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Stefan | 10 Sep 2013, 12:39 PM Agree 0
Hi my name is Stefan and me and my girlfriend are currently looking for a property to buy To renovate and sell in 12 months.

I am interested to hear people's thoughts on the different suburbs around Melbourne, we currently live in the Eastern suburbs so have been looking around here.

Would Anyone with experience be able to give me some ideas as to the sort f suburbs we should be looking in and any potential pitfalls?

  • Eos Property | 10 Sep 2013, 03:44 PM Agree 0
    Hi Stefan, Those magazine articles do make renovating sound exciting and relatively easy don't they.

    If you are going to renovate you are going to need to know your numbers really, really well.

    A lot of profit is made when you buy so make sure you understand your preferred market very well. You can only do this by spending time investigating your chosen market and seeing if you can predict asking and selling prices very well. You need this knowledge so you can spot a bargain when it presents itself. This is a time consuming, but essential, task.

    Having a good handle on your preferred market will mean you will have an idea of what the renovation may sell for when you have done your magic.

    Finally you need to work out what you're competent to do, how much it will cost, how much time it will take, and potential issues you may encounter along the way.

    There will probably be some tasks that are above your skill set or where a specific license is required. Knowing what the going rate for these tasks is will help you see the potential and costs in any of your projects before you have gone too far.

    If you are still keen to renovate start with relatively cosmetic and beneficial projects. Build up your knowledge and skills and work from there.

    Try and find someone who is also a renovator and lean on them for advice and guidance.

    Good luck!
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