Renovating to flip? Then it’s important to spend your money wisely. Adding value is the key to maximising ROI on a fixer-upper. However, not all renovations are equal – some are more worthwhile than others.
We asked the experts for their top renovation do’s & don’ts:
1. Know your market – If you’ve bought a property in a family suburb, there’s no point in installing expensive fittings or luxury features like an outdoor hot tub or home gym – you’re far better off adding a kitchen extension or creating a second bathroom.
2. Think outside the box – move beyond kitchens and bathroom refurbs (which only bring in 50% ROI) and look at smarter ways to increase your ROI. Be strategic. Look at more profitable options, such as new carpets (20% ROI), painting the exterior (75% ROI), repairing the roof (63% ROI) or putting in a conservatory (which can add as much as 108% ROI!).
3. Get in the Experts – Don’t cut corners when it comes to complicated refurbs, especially if DIY isn’t your strong suit. Time and again, people make the mistake of thinking they can do it themselves, only to have to call in the professionals halfway through to remedy a disaster. Save yourself the time and hassle. Get in good builders from the beginning.
How much ROI do you hope to achieve on your next project?