“No matter how depressed the market might be, you’ll never lose money on a good renovation unless you’ve been foolish,” claims architect Belinda Scott.
It may take longer to turn over your renovated property in a sluggish market, but an astute purchase and careful planning can virtually eliminate the risk of overcapitalising. There has always been an appreciation for quality, well-executed renovations.
One experienced agent comments: “Adding value over a long period of time will always add capital growth. Look at features like new bathrooms and kitchens, open-plan living, creating a flow between indoors and out, and even adding a second storey, especially if it will give you a view as well as more space.”
Regardless of whether it is your home or an investment property, there is the necessity to do your research before buying and to make sure your plans, budget and reality all fit together. It is a good idea to get a builder or architect in before you buy to get an approximation of what is possible as well as cost estimates to safeguard against nasty surprises.
One thing to look out for is new planning rules or heritage restrictions. You should always run your ideas by council first. For example, just because a neighbour put in a second storey doesn’t automatically make it possible for you to do the same. Regulations change and what was possible a few years ago may not be possible today.
If you have a question about real estate, or would like assistance in locating a property, feel free to phone me, Noel Thompson Principal Professionals Logan Lifestyles at either Browns Plains 3800 4000, Marsden 3200 4495, Springwood 3808 5544 or Waterford 3299 7733.
