Confidence returns to market
RENOVATORS and auctioneers are reaching for their hammers as confidence returns to property markets.
But DIY improvements do not always add value and in some cases create cash losses. Rising prices may partly compensate for an ill- thought-out renovation, but avoiding the pitfalls in the first place will ensure the money is well spent.
The Australian Institute of Architects’ inspection and design company, Archicentre, has seen the best and worst of renovations, says general manager David Hallett.
‘‘If you’re renovating to make a dollar, and often people will sell as soon as it’s finished, then you’re virtually behaving like a developer, in fact we’re now calling them ’reno-velopers’,’’ Hallett says.