Home improvement has become a must-attend activity for many real estate professionals.
The year 2018 was the year of renovation for Australian families, with renovations reaching a record high.
Data from the Australian Bureau of Statistics show that private investment in changes and additions reached a record high of $ 9.896 billion nationwide in September – an increase of 11% compared to 2017.
This was a noticeable change given the difficult situation of the home improvement market in the country in the last 10 years.
Here are the usual benefits of renovating your property, according to Small is the New Big.
Improve the value of your real estate investment
Creates capital growth
Creates equity with increased rental returns
Makes properties more attractive for better quality tenants
Reduces vacancy rates as tenants want to stay longer
The company also stated that the benefits would be magnified and resonate in the community if you used high-income real estate strategy strategies (RE HI). These include:
Creates a more flexible floor plan that allows for multiple configurations
Allows several residents to live together
Can increase rental yields up to 50%
Increases the privacy of residents
Increases resident safety
Creates a harmonious sharing space
Address the lack of affordable housing
Reduces reliance on government to provide housing
Reduces reliance on government services and spending
Since renovation requires your time, effort, and hard earned money, it is important that you prepare for it. Here are some tips you can adopt
1. Know what you want before you begin
Make sure you have already decided what you are changing in the house before receiving quotes and choosing the materials to use. If you want to redo a part of the house and you're not sure about the design, lifestyle magazines are a good source of inspiration. Doing research online would not hurt either.
2. Make a detailed plan
Having a detailed plan is essential to the success of your renovation project. This should include your budget, favorite materials and finishes, all finalized in advance.
3. Allow enough time
Renovation and redevelopment projects can take a lot longer than your ideal schedule. Therefore, you must allow enough time for unplanned delays. Anticipating the need for extra time can save you unnecessary stress when things move slower than expected.
4. Compare citations
Before making a final decision, it is best to ask quotes from different contractors to compare them and make sure you get a good price. High quality materials are more expensive and skilled contractors pay higher fees than less experienced ones. Never forget to check the reputation of the contractor and be sure to spot any hidden fees.
Do you have more than $ 200,000 in your super fund? You Can Use Your Super To Buy A Property – Find Out How
Top suburbs:
Keperra
,
West Rockhampton
,
willliamstown
,
Wiley Park
,
Mortdale
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