Do you need help choosing between an old or new investment property? Please contact investment strategist Christine Williams on 1300 736 754 today for your SMARTER steps to investment success.

​The truth about renovation

Tuesday, 20th October 2015

You've found a great house in the right suburb, but first it needs a bit of work.

Start with the bathrooms, then the kitchen - oh, and while you're at it, that carpet really needs to be replaced.

Welcome to the world of renovation!

But while you're so busy looking at all the jobs that need to be done, another more glaring factor needs to be considered.

That's right - where's the money going to come from?

You see, sometimes we put more effort into choosing our taps than the actual budget - and guess what's going to have the most impact long-term?

I've renovated over the years and while at the time it was a combination of fun, stress and near-divorce, thankfully it all worked out in the end.

The biggest thing I found was that no matter how much I estimated (even when I thought I was being conservative), the cost always blew out…

Not to mention the stress of tradies not showing up on time or supplies not being delivered - the problem list goes on and on.

My biggest renovation tip is to do the numbers and then do them again.

Add at least another 30% to the overall total and work out whether you'll get any return on your input.

This is where you need to ask yourself whether the renovation is worth it after all, or if it's better to just buy new.

At the end of the day, your good health and relationships are more important than money.




Comments