21. If you can’t get a return of $3 for every $1 you spend, don’t renovate
Renovation can almost be considered an Australian pastime! As much fun as it might be to renovate, as property investors we’ve got to keep our heads straight when calculating the profitability of such a venture.
Spend your renovation dollars where they’ll have the most impact, but don’t spend all of your cash on a single upgrade – such as a new kitchen – when the bath is in need of some help!
Determine the cost of your renovations and if you don’t get back at least $3 for every $1 you spend, either don’t renovate or change your renovation plans.
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How to break into the property market even when you’re short on cash
When you’re struggling to save up for a deposit to buy on your own,you may want to explore buying with others. Tim Riley explains