Profit through buying and renovating

• Editor
• September 24, 2013

 

The most important kind of modifications that appeal to home buyers are usually those that improve the usefulness of a premises. 

For example, you may come across a home that has a strange layout.  It may at first not appeal to the everyday buyer, but with a keen eye you can rearrange the home for minimal cost and open it up to new ideas.  This is usually achieved by either knocking down existing walls, adding partitions, installing new doors, extending hallways or adding entrance ways to rooms.   

When you select property you should look for space that can be converted into an additional living area.  This can be the most cost effective way to add new rooms.  Usually most of the work is already done for you, all you will need to do is some finishing work to turn the unused space into a valuable bedroom.  Places such as porches, lofts, attics and attached garages are particularly useful if you want an inexpensive room upgrade.  In this instance it is usually the cost of adding livable features such as finished walls and flooring.  You may also need to consider electricity points and windows for the occupants.

When deciding on a house to renovate you should consider your individual skills, budget and time constraints.  Create a plan on what your ideal ‘renovation’ home would be and then target these houses in your search.  You must have a strong budget and stick to it as it is all too easy to invest in additional items that will reduce your profit margin very quickly.

Once you have a knack for spotting good housing prospects for renovation; you can begin to build experience and contacts.  As with anything, the first time will likely be the hardest and probably the most expensive, but as you learn more tricks to renovating, you will gain more knowledge about what house you would initially like to buy and how to modify it in the most cost effective way.

If you would like further advice contact Alert Property Group.