3 Top Home Renovation Tips To Generate More Profit

Home Renovating Tips

discover easy home renovating tips

When first starting out with a new project you probably heave heaps of home renovation ideas in mind. I always preach the 3 objectives you must absolutely meet when looking for renovation opportunities. These objective will build on the the 3 home remodelling tips and DIY home renovation tips I’m about to give you.

They are…

- Buy Right

-Spend Smart.

-Sell right

If you always keep these objectives in mind you can’t go wrong.

So here’s 3 of our 10 tips from the Renovation Riches Guidebook. These are key tips to keep in mind to make sure you buy right, spend smart and sell right.

Tip 1: Remain Objective

Okay, I have to say it straight out – NEVER EVER fall in love with a property! If you do, believe me, you’ll lose money. It’s that simple. You always have to remain objective and let your decisions be governed only by the numbers. They’ll always tell you the truth about a property. Now, if you’re worried that those numbers are going to be complicated, you can stop right now. It’s easy to work out if a property stacks up by using some really simple calculations.

Just remember, if you can’t buy right and sell for a profit, DON’T DO IT!

Tip 2: Buy “stinky” houses

Quite simply, you are looking for “big yucks” that will make you “big bucks.”  So, the

property should be in need of substantial enough renovation that an ordinary home

buyer isn’t likely to buy it in its present condition. “Stinky” houses are often sold below value because most people only see what is rather than what could be.

I love “stinky” houses – mould, animal smells, cigarette smells, animal hair, dirty carpets and curtains, smoky ceilings, bangs and scrapes on the walls – I love them!

I know it sounds disgusting, but if you can develop an eye to see past these things, you’ll make a lot of money. Because most people can’t or won’t see past the mess, this provides you the opportunity to buy right.

When we moved into our last house, we had a friend who wouldn’t speak to us for months because she couldn’t believe we’d move into such a dump!  We added $100,000 to the value of the house in under a year.

Then, when we put the property on the market, the agent commented that it was one of the best presented homes he’d ever seen. Just goes to show what’s possible if you have an eye for potential!

Tip 3: Buy properties to resell to ordinary people

Look for ordinary properties ordinary people would buy or rent. This way, your pool of potential buyers (or renters) is bigger.

Also, consider what’s typical for the location – where do most people work, go to school, what transport do they use, what is the average income, what facilities do they want to be close to, do they have kids, do they have pets, etc.?

What is a typical property type in the area? Is it weatherboard, brick, sturdy, single-level, double-story, what style of home, modern or period homes, big yard, aluminium windows, lock up garage, single garage or double garage, does it have security?

What price or value is an average home in your area? What is the median house price? What prices are most homes selling for right now?

Be sure to find answers to all those questions! Remember: buying a typical house will give you the best chance of finding a buyer quickly when you’re ready to sell!

And this is just the start… if you want the whole ten tips and even more strategies to learn how to renovate for profit, then visit the Renovating Quick Cash Profits System right now and find out how you can do so.

Click here to access the Renovating Quick Cash Profits System

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