Renovating the right way pays
More often than not, you have to spend money to make money. It’s an age-old adage, but one that still rings true for today’s property owner thinking about renovating a house or apartment with the hope of bagging top dollar at sale time.
But what and how much a vendor decides to do – and, more to the point, invest – depends on a host of competing factors, such as the type of property, the suburb in which it is located and the potential buyers. In some instances, such as with a classic ‘‘renovator’s delight’’, it can be better to do nothing at all.
The important thing is to understand your market, Belle Property principal Tim Foote said. ‘‘You need to know the difference between what a renovated place will sell for and what an unrenovated one will,’’ he said. ‘‘Sometimes, an unrenovated place gets more, because buyers are excited about doing the
YOUR DECISION: Move or improve.