Most Australians want to buy real estate, whether it be their home or an investment property. But many don’t have the knowledge, experience or ability of where to start. Sadly this stuff is not taught in schools! So why would you risk hundreds and thousands of dollars to buy real estate without any education? Don’t take the risk without learning more about the process of buying, renovating or selling a property nor doing it alone.
No matter what stage you are at, whether buying a property, thinking of renovating or ready to sell, the fundamental basics never change. There is a lot to learn BEFORE you even get started, to ensure you make money in the end.
Renovating is not easy. It’s dirty, messy and very stressful for those who don’t know what they are doing. Not understanding the current market and the reasons why you want to renovate, could cost you thousands of dollars in mistakes. Trade prices can vary so much, so it’s necessary to know the average costs of labour and materials. Renovating is a numbers game – not an emotional one. But it also requires planning, vision and understanding of the elements of space and design throughout the home.
This is not a guide on how to renovate. There are many courses out there I can refer you to if you would like. Rather this E-book provides you with the many aspects to consider when you’re looking to buy and add value to your home, so you can be confident you’ll make money in added equity on your property.
If you would like discuss any of the steps or to learn more about how you can add value to your property with renovations that best meet your needs, please contact Anita Oze on 0417 460 692 or anita@livingxtras.com.au
FAQs
Can I renovate on a budget?
Yes of course! Simple changes that adds the most value are
* Decluttering
* Paint – inside and outside in light and neutral colours
* New carpets and polish floor boards
* Repair before you replace
* Create a new room if possible
* Garden maintenance
How much should I spend on renovating?
For cosmetic renovations it is suggested to spend up to 10% of the current property value. For example $50,000 on a $500,000 property. Of this 10%, it would be ideally spread –
2-3% Kitchen
2-3% Bathroom
2-3% Other (paint, carpet, blinds etc)
2-3% Landscaping / Frontage
What is ROI?
ROI is an acronym for Return On Investment. It is calculated by dividing the equity created by the cost. For example a $9,000 profit divided by $3,000 in costs equals 3:1. To make any renovation worthwhile of your time and risk, you need a minimum ROI of 2:1 or more
When selling is property staging really worth it?
Yes I believe it is. Statistically properties that have been professionally staged will increase the estimated sales price of a vacant property by 7%-10% and sell 50% faster. Property staging incorporates styling, maintenance and marketing presentation of the property (photo & videos)
What’s the difference between an interior designer and a property stylist?
An interior designer creates cosmetic renovation design concepts, layouts and selected finishes for the home owners’ wants and needs. They often work with builders and trades to project manage the work.
A property stylist prepares a property for sale with an understanding of the current property market, design principles and the ideal buyer buyer in mind (not the vendor’s tastes)
When is the best time to sell?
Now! Most likely you will be selling and buying a property in the same “market”. So in a buyers market you may not attract a high offer, but likewise you have the opportunity to buy a better property at a discount. It’s all relative.
When contemplating days and seasons, different homes will present better when considering –
Weather
Light
Temperature
Garden
