Has The Block 2015 made you consider renovating?
The Block reality TV show has returned for 2015.
Millions of Australians will watch couples renovate apartments over a tight time frame to hopefully achieve a huge profit.
But before you rush into buying a ‘renovators delight’ in the hope that your financial future will be secure, consider these 5 tips.
1 Do your research
Investing in property (with the view to renovate) need to be done with a clear head and with as much information as possible.
Sit down with your financial adviser and get some objective advice about what you want to do and how this fits into your long term financial plan.
Details to consider before you buy include what types of people will want to live in your home. Will it be families, semi retired or mainly professionals with no children?
This will impact on the type of renovation you do.
2 Keep your renovation simple
Renovating an investment property is different to renovating your own home. You may love stone kitchen bench tops but this choice in an investment property will add thousands of dollars to your renovation. To save money but for the same look, you’d choose a laminate bench top.
Leaving your own tastes and preferences out of the renovation can feel challenging. If in doubt, always go for neutral, simple choices.
3 Don’t go overboard
Be inspired by The Block, but don’t replicate everything they do! Instead of moving walls, making windows bigger and adding on rooms, go for the low cost improvements that can add value.
Simple improvements that add value to your property include:
- Freshly painted white walls,
- Plain window furnishings,
- Polished floorboards,
- Neutral tiles, and
- New light fittings
4 Get competent and professional trades people
If you’re inspired by The Block 2015 to get in and do some renovating yourself, go for it! But there will be trades people you need to hire including:
- Electricians, and
A professional builder will be able to guide you through the renovation maze and help you out with hidden problems like asbestos removal. And they’ll have their own contacts you may want to use.
5 Freshen up the outside
When you’re budgeting for your renovation, make sure you save some money for exterior.
Things to budget for include:
- Roof and gutters
- Exterior painting
- Rendering of brick work
- Landscaping of garden, and
- A new letterbox.
Renovating an investment property can be challenging and almost always goes over budget. So before you dive in and take up the challenge, make sure your finances are in good order.
Like some financial advice before you renovate? Click here to book in for a complimentary chat!
The advice provided in this blog is general advice only. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this advice you should consider the appropriateness of the advice, having regard to your own objectives, financial situation and needs. For our full disclaimer, please click here.