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All Topics / The Treasure Chest / Ideas on renovations needed
Hi,
I am thinking of buying a unit and and renovating it.As iam starting fresh .can anyone tell me is there any 11 second rule for renovations too.
and what all pitfalls should i look for ?
Hi Kutty70
As a general rule Brad Sugars (www.bradsugars.com) recommends that you don’t spend anymore than 10% of a property’s value on renovations. I guess this is a reasonable rule which is aimed at avoiding overcapitalising a property.
My only other advice is do your numbers. Make sure the renovations are justified (e.g. by reducing the likely vacancy rate or increasing your rental yield, etc.)
Cheers
Stu []
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