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by Rhiannon Williamson
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Having identified your next location for property investment identify the types of people who buy into renovated properties in that location. Know who your target market are going to be and what they are likely to look for in a property in that location. If for example you’re examining inner-city spaces you might identify that your buyers will be young single professionals and that the ideal property type for these people will be luxury low maintenance apartments – seek out suitable properties with the potential for redevelopment into luxury low maintenance apartments and you will fulfil your target market’s brief…seek out large houses with substantial gardens in the area and you will have totally missed the market and potentially created a property that will not sell!
4)Renovation Not Rebuild – Know your budget limits and your personal skill restrictions. Do not consider taking on a property that is in need of a complete structural overhaul when your budget is tight or you do not personally have the time, skills or inclination to do the structural work yourself. Be realistic about what you and your budget can achieve and seek properties that fulfil that brief. Pay to have an independent and complete survey done on any property you are seriously considering buying before making a down payment to ensure that there are no hidden surprises waiting for you beneath the floorboards to eat up your budget in its entirety.
5)Manage Your Budget – With your survey in hand you can approach builders for quotations and seek out prices for fixtures, fittings, finishings and furnishings. Take the prices quoted and sourced and build your budget. Factor in ongoing mortgage and service costs and labour costs as well as your findings and structure and allocate your money accordingly. Watch every single spend and be ruthlessly strict with yourself and your builder. If at all possible have your builder commit to a contract with fixed finish dates and fees and stay on top of every single penny or cent every single day. At the end of each week tally up your outgoings and expenditure and ensure you’re not exceeding your budget. If you’re overspending rein it in or you will have to shave it off other areas of the development. Remember never to scrimp and save on finishing touches and always give yourself a realistic fall back fund in case of emergencies.
6)Appeal To Th |
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