Buying a property with the intention to renovate is a lucrative option to save money upfront whilst still owning your ideal property. With many television shows recently focusing on the benefits of renovating existing properties, it is easy to overlook the potential risks.
As with all things property, research is the key to renovator success. Properties that generate the highest return aren’t often the largest or the most extravagant, but rather the ones positioned well that blend with the local market. Suburb composition, land size and a property’s features should all be carefully considered and assessed prior to any purchase.
Knowing the purpose for a renovation is equally important. Someone purchasing a property to renovate to live in and style to his or her taste will have a different financial incentive than another renovating for profit. “Over-capitalising is one of the biggest issues renovators encounter; and it is easily avoided with a comprehensive area analysis,” asserts Mark Ribarsky. Professional support to obtain extensive research before a purchase reduces the likelihood of an overpriced venture.
From suburb performance reviews to meeting with architects, WRA tailors their services to the needs of each client. WRA is equipped with the tools to evaluate a property’s overall costs and work with clients to review their potential gain. Furthermore, WRA pre-sale reports reveal current area sales to showcase a property’s potential before their clients have enough time to purchase a hammer.
From an initial consultation right through to moving day, personal buyer’s advocates are dedicated to your investment success.
For more information contact Wise Real Estate Advice on 1300 00 WISE for an obligation-free conversation to discuss how we can transform your investment goals into a reality.
