I have seen three types of renovation strategies employed by property investors.
1. Buy a property based on different factors (and not primarily reno value addition potential), and then do basic cosmetic renovation, tidy it up, new paint or floor coverings.
2. Buy a property with good value addition potential (potential of manufacturing CG is one of main criteria). In most cases it is the worst house in the street or even the suburb. The objective is to reno it and bring it to above average level. Typically properties in this category are fibro or clad houses.
3. Buy a property which already is at Average level (in terms of value and condition), and then bring it up to Luxury home level (Among the most expensive properties in the suburb). Typically most properties in this category are brick houses and in very few cases, clad but very rarely fibro.
Would like to hear your reno strategy? (even you have a fourth new one
Also how much do you plan to increase value to it in percentage terms. Nathan might come up with a number that most of us can't match but would like to hear about it.
1. Buy a property based on different factors (and not primarily reno value addition potential), and then do basic cosmetic renovation, tidy it up, new paint or floor coverings.
2. Buy a property with good value addition potential (potential of manufacturing CG is one of main criteria). In most cases it is the worst house in the street or even the suburb. The objective is to reno it and bring it to above average level. Typically properties in this category are fibro or clad houses.
3. Buy a property which already is at Average level (in terms of value and condition), and then bring it up to Luxury home level (Among the most expensive properties in the suburb). Typically most properties in this category are brick houses and in very few cases, clad but very rarely fibro.
Would like to hear your reno strategy? (even you have a fourth new one
Also how much do you plan to increase value to it in percentage terms. Nathan might come up with a number that most of us can't match but would like to hear about it.