Renovations......
Irrespective of whether you're planning a minor repaint, or something more ambitious like renovating a home, the intended outcome of a renovation investment is the same: buy, improve the value through upgrades or renovating improvements and then sell or refinance to access the additional equity.
What are the critical success factors?
Finding a renovation 'diamond in the rough'
The key is to find a property that is undervalued because it is cosmetically rather than structurally challenged. So unless you're a builder, its essential to get some specific advice to make sure that your target property isn't about to fall down around you when someone starts banging nails into walls.
Having a renovation system that keeps control of time and cost
The profit of many renovation projects has been sunk by project delays and cost overruns. This means having a cost budget, which has been preferably reviewed by someone who knows what they're doing, that outlines all the components that will comprise your renovation supported by written quotes. Controlling your time can be done by mapping out all the phrases of the renovation and then making sure that you have minimal rework or down time while you're waiting for trades people or sub contractors.