TIME FOR CHANGE
COULD NOW BE THE TIME TO RENOVATE? B Y C H R I S G R A Y, C E O, YO U R E M P I R E
With so many people unsure of whether it’s a good time to be buying a home or investment, could now be the time to undertake some renovations instead? Whilst there hasn’t been a 20 – 30% drop in the property market as
Whilst the TV programs and
2. Renovate to your tenants
magazines can make renovating look
needs not yours. If you’ve got
very easy, and they are called reality
an investment property, you
shows, they are in fact far from
might not be the same
reality. You only get to see what the
demographic as the tenants
cameras and producers want you to
that are likely to rent it and so
see and a lot of the results can be
it’s important to bring in a
cosmetic and not long lasting.
property manager to get their
advice as to what works and what
doesn’t. Dimmer switches,
overhead fans, air conditioning
can seem like a great idea, but if
they are the things that are likely
to constantly break down and are
non essential, they are probably
left out of your renovation –
tradie call out fees can mount up
over time. Go for what’s practical,
hard wearing and colour schemes
that work for the majority.
So here’s some tips for profitable renovations:
some economists predicted, many
1. Renovate for a future sale. Whilst
buyers are worried about what the
everyone has individual tastes,
future holds and whether there’s a
it’s important for the future
downturn around the corner.
re-sale of your property that it
So rather than sit on the fence
appeals to the audience. Speak to
for the next 6 – 12 months, could
your trusted real estate agent
you be doing something better to
to find out who is the likely buyer
create your dream home or to make
for your property and what they
your current property portfolio
look for in a home or investment.
more efficient.
This can quite often change
over time as prices rise and
fall and demographics change.
Converting a 3 bedroom house
into a 2 bed so you can get
your dream walk in wardrobe may
suit you, but may not make a lot
of financial sense.
Renovating can improve your property’s capital growth considerably – even in a flat or down market – and can reduce future maintenance or repairs down the track.
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CENTURY 21
3. The little changes can make
the biggest differences. In many
cases, you don’t necessarily
have to undertake a large-
scale renovation to lift a
property’s value. Sometimes,
small alterations including new
