Hi all,
I am hoping to purchase my first property for the purpose of ‘doing it up’ and selling (hopefully) for a profit. I have ordered the renovation toolbox from the online shop and am waiting for it to arrive. I am one of those overthinkers people. So help me out a bit before I get so bamboozled I won’t be game to buy anything.
My questions are ‘How did you all get started in the reno game?’ and ‘How did you know which house would make a profit?'[blink]That’s where the due diligence comes in.
You don’t know for sure which houses are going to make a profit, but your research will help narrow down the selection.
In a nutshell, a property that is close to all amenities, not on a busy street, has the potential to have added value and bought below market value are your starting points.
The other important factor is it must be in an area that is either undervalued compared to surrounding suburbs, or is starting to go up in value because of improved infrastructure and increasing jobs/population.
Trying to reno for a profit in an area that is flat or has just finished experiencing significant boom will probably not give you a profit in the short term.
Allow for everything to cost more than you thought and take much longer to complete than you expect so there are no nasty surprises.Cheers,
Marc.
[email protected]Thanks Marc,
That is sound advice. I will concentrate on due diligence first off.
Cheers
Tina
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