Renovating a tired property is a great way to add value and make a profit, even in the current flat market. With the right renovations at the right time, a property can be sold at a profit or provide higher rental income.
However, finding the best properties to renovate is no simple task according to Your Investment Property magazine editor Nila Sweeney.
“Making a profit is not as easy as just picking a house and giving it a fresh coat of paint or adding another bedroom. The location and type of property you choose are just as important as the nature of the renovations you carry out,” said Sweeney.
Research by Your Investment Property has pinpointed suburbs around Australia that are ‘hot’ for renovations and the types of cosmetic and structural changes that will add most value in each area.
“We found that the best suburbs for profitable renovations were those that have good amenities and are located reasonably close to the CBD, but have older, tired-looking properties available at an affordable price,” said Sweeney.
However Sweeney warns would-be renovators to choose their properties carefully and to beware of costly renovations that add little obvious value.
“The type of renovations you should do will vary depending on the area and the value of the property. For cheaper properties, costly structural work may not necessarily give you enough of a return, whereas cosmetic changes could make you a great profit.”
“The key message is to spend money on the right things,” Sweeney said.
The top reno suburbs profiled by Your Investment Property are listed below:
Middle Park (House)
Seacombe Gardens (House)
Daw Park (House)
More tips on renovating for profit and other useful property information is in the July issue of Your Investment Property. On sale now at your local newsagent or online at www.yipmag.com.au.
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Your Investment Property
Your Investment Property offers accurate, cutting-edge information to guide your investment decisions, including informative articles on a range of topics such as property investment hot spots, valuations, finance, tax, legal and investment strategies as well as renovating information for capital gain. Your Investment Property also features experts’ insider tips, state-by-state market reports, property market trends and economic analyses.
Combined with exclusive research data and commentary from some of Australia’s most respected property research organisations, each issue also explores best and safest ways to invest in property. The real-life strategies and success stories of ordinary, hardworking Australians who have achieved financial independence and great wealth through astute property investments are also featured regularly.
Your Investment Property is a must-read for anyone who is passionate about investment and wealth creation through property investment and management.
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