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8 Steps Towards Successful Renovation
You can read the original article here.
Barber’s approach, as she herself points out, is not arty but centred around making money for the investors. It really has scientific leanings. I agree with most of what Duke has mentioned.
Investors overcapitalise at times
In my opinion, investors make one more mistake. They often overcapitalise while renovating. It is worth noting that expensive fixtures do not necessarily raise the value of your home.
Prefigure the rental yield in the neighbourhood
Such fittings and fixtures will only present a case of wasteful spending if the rental yield is low for your neighbourhood.
‘Successful renovation’ formula
Speaking through perspective I have gathered from Case Studies and personal experience, I can say that the cost of successful renovation should not exceed the difference between property value before and after renovation.
To present as a formula:
(Property value after renovation- property value before renovation)> cost of renovation
Of course, here the cost of reno must include the cost of permits, council approvals, and surveys undertaken.
Have you given due regard to council approvals in the past?
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