When renovating for profit selecting the right house in the right location is paramount in making profit. Cosmetic renovations are what will yield you the highest profit, as such, when selecting a property follow the below points:
1. Good bones are essential
Good stumps, a roof in good condition, ensuring the electrical works are not needing any attention. Confirm the plumbing doesn’t require and major work or repairs. Check over the property for any structural problems that may arise.
2. Price Comparison
To profit from renovations you ideally need to buy a house that 30% below the price of existing renovated properties in the area. This ensures you have sufficient funds to buy and sell the property, complete the renovations, and make profit.
3. Neighbourhood profile
A property centrally located to schools, parks, public transport and shopping areas will also help you to maximise the profit on renovating the property, as a well-located property is a huge plus to potential buyers.
4. Legalities
Make sure that there is no restrictions such as easements or overlays, such as heritage overlays which may restrict renovations or additions to the property.
Following these points will help you yield the highest profit from your home renovations!