3 Tips on Renovating For Profit
Tip One
When it comes to assessing the value of a potential investment property/renovation don’t rely on the advice of family and friends. Everybody thinks they’re an expert in real estate – they’re not, so make sure you do your homework thoroughly so you’re an informed buyer.
Tip Two
Value your time! If the property you’re considering renovating is an hour’s drive from your home and you’re planning to take three weeks doing the renovations yourself, factor in the two hours a day traveling time at whatever your hourly rate is so you get an accurate picture of what the renovation is likely to cost you.
Tip Three
When you buy an investment property to renovate you have entered the property business. Treat the experience like a business and be business-like in your approach.
Tags: Renovate, Renovating