There are many reasons why someone might choose to renovate their home. Maybe they’re just looking for an upgrade; maybe the space isn’t as functional. Maybe people just figure it’s time for a change and want to increase the value of their property before selling it.
If it’s the latter, there are some things you need to know before setting out on the renovation journey. That’s why today we’ve put together this handy guide to ensuring that your house flipping goes smoothly
Return on Investment (ROI) is a ballpark figure representing the investment’s potential for profit. It’s important to remember that ROI is just an assumption, a “best-case scenario” if you will.
To get to that figure, or as close to it as possible, there needs to be a fair amount of work put in.
Especially where house flipping or renovating for profit is concerned. House renovations in Melbourne are an expensive investment in both time and money. In order to get the best ROI when selling your property, you need to establish good foundations.
Before you start renovating and seeing dollar signs in your eyes, you need to be sure that the effort will be worth it. To start, you should check your property’s current value by having it appraised by a real estate agent. This can be an easy and painless process, and some real estate agents even do it for free.
Then, see where your property market is going. Projected market growth is easy to find online, and after scouring a few reputable sources, you should have a fair idea of:
All of this information together should provide you with the perfect footing to conduct your research.
After you’ve got the information you need you can now set yourself some goals. How much are you looking to get out of the sale of your property? How much can you afford to spend on renovations to make any kind of decent profit? What are the most profitable areas of the house versus the least profitable?
Prioritise renovating rooms that will increase the value of your home the most. Sometimes all it takes is one or two key rooms to minimise expenditure and increase profit.
Once you’ve determined where you’re going to start and established a budget, it’s time to start window shopping. Look at what fits your budget and what might work for your idea of how the room should look. Examine the floorplans and make sure that you’re planning within the limits of what your room can handle.
If so, who are the most economical options around you? Supporting home renovations for Richmond, Armadale, and Mont Albert homes, you can expect an economical, high-value result that you can be happy with.
Once you’ve got your plans made, it can be a good idea to check with your real estate agent to see how much your ideas will change or increase the value of your home. They may be able to point you in a more efficient or profitable direction. After all, there’s no use in paying for home extensions in Melbourne, specifically in Prahran if the community is favouring smaller houses at the moment.
Once the plans are all made, the budget is worked out, and everything is finalised, it’s time to make things happen. This is where you can start ordering things, moving items out of rooms, organising professionals, and making the renovations happen.
This is a hugely involved process, especially if you’re having any structural work done that changes the form or layout of your property. Make sure that you’re not being overwhelmed or inundated, and make sure that anybody you hire is keeping you well informed and in the loop as to how things are progressing. Make sure that any handiwork is done well and up to code so that there are no legal issues in the sale of the house.
Now is the moment you’ve been waiting for. When the renovations are done, and all the effort is spent, it’s time to put the house up for sale. Get your house revalued, and with all the new installations, paint, fixtures, and other work done to it, you should have a significantly improved home value. If you’re happy with the amount that your real estate agent believes you can make on the property, work with them to begin the selling process.
There are rules and regulations for every sale of residential and commercial property in any suburb. Your real estate agent should be familiar with all of the red tape and be acutely aware of exactly how much your property stands to make in the market.
Once the sale goes through, hopefully, you’ve made a tidy profit and gotten the best return on investment on your property and all the labour you’ve put into it.
Do you need professional help to add value and function to your home? With DPV Construction, we understand your wants for your dream home renovations in Glen Iris, Camberwell, or Surrey Hills.
Some people make a career out of house flipping, buying fixer-uppers for rock-bottom prices, making them nice, and then selling them for a profit. It’s a difficult, stressful, risky job, but it can be lucrative if you’re up for it.
However, housing profits are huge, and if you’ve managed to make a significant ROI, maybe this is the time to find your forever home. Where you go from here is entirely up to you.
Remember, everything in housing starts with understanding where you are and where you want to be. This includes moving, renovating, and flipping houses. We wish you the best of luck in your endeavours!
Of course, house flipping is often a more labour-intensive task than most people are prepared for. This is why many people use professionals to help them bring their vision for their property to life before selling, and when it comes to builders, you can’t get much better than DPV Construction. Our company is an established, award-winning name in the industry, known for our standards of excellence, quality, and functionality. Contact us today at 0431 234 491, or at info@dpvconstruction.com.au to see how we can help you with your house-flipping adventure!
