This week on Ask Kevin Young, Roxy and I headed out in the car to show you which properties would suit renovation and which wouldn’t.
Renovating a property can be a costly and time-consuming process, especially if you’ve never renovated before. Most people invest in the wrong house in the wrong area and are unable to make a return on their investment. There’s an old piece of wisdom about getting ‘the worst house in the best street’ and that’s really what you should be looking for in a reno property.
It’s important to avoid money traps when you’re renovating. Simple improvements such as modernising the properties façade or adding a deck can allow you to charge a better rent. You don’t need to pour a lot of money into renovations to get a good return.
The area your reno property is in will have an effect on your investment. If it’s next door to a rundown house or a substation like we saw on our drive, the price will be dragged down.
With all of these different factors at play it can be difficult for the first time, or even seasoned renovators, to know what to invest in. This is why Property Club has established the Renovation Club. We want to help you invest and renovate with confidence. So come into the club today, we’ll help you get started on your next renovation!
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