All Topics / The Treasure Chest / Ideas on renovations needed

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  • Profile photo of kutty70kutty70
    Member
    @kutty70
    Join Date: 2003
    Post Count: 3
    April 24, 2003 - 1:27 am

    Hi,
    I am thinking of buying a unit and and renovating it.As iam starting fresh .can anyone tell me is there any 11 second rule for renovations too.

    and what all pitfalls should i look for ?

    Profile photo of Stuart WemyssStuart Wemyss
    Member
    @stuart-wemyss
    Join Date: 2003
    Post Count: 598
    April 24, 2003 - 1:52 am

    Hi Kutty70

    As a general rule Brad Sugars (www.bradsugars.com) recommends that you don’t spend anymore than 10% of a property’s value on renovations. I guess this is a reasonable rule which is aimed at avoiding overcapitalising a property.

    My only other advice is do your numbers. Make sure the renovations are justified (e.g. by reducing the likely vacancy rate or increasing your rental yield, etc.)

    Cheers

    Stu [:)]

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