Ren­o­vat­ing the right way pays

Matamata Chronicle - - News - By PAUL BEST

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.

Newspapers in English

Newspapers from New Zealand

© PressReader. All rights reserved.