Renovating and redecorating for profit can be a very worthwhile exercise, so much so that there are plenty out there who consider this their full time job and earn a handsome sum too. Before you quit your day job however, take on a beginner’s level project so see whether you are really cut out for this challenging but rewarding task. Before long you will be boasting the most desirable commercial property for sale in Sydney.
First thing is first, and that is selecting your blank canvas property. The biggest mistake here is that people gravitate towards something that is already too nice. There needs to be plenty of room for improvement, otherwise there is no assurance that all the effort, time and money you pour into your project will even pay off. It makes sense that we are instinctively drawn towards the more well-presented properties, and after all it is exactly this quality that we want to take advantage of when it comes time to resell, however you have to keep reminding yourself that this is a renovating project. In this case, it is more about the location rather than the property itself, as this is what we are going to change. A dilapidated property in a ‘good’ area is a bargain. Auctions can be fantastic for securing a bargain if there are few interested parties, but then again it can be the cause of your downfall if you get swept up in the moment in a hot market. Be wary of the live auction, and outline an absolute maximum before you arrive.
So, where to start looking? When it comes to searching for locations, go for suburbs where the variation in property sales is largest. The average might be $600,000, but the variation might be half a million dollars. This is a beacon of hope for renovators, who know they are going to be able to secure the original property relatively cheaply, and that there is also a market for higher quality homes so that their renovating will pay off.
Of course, the renovating itself is going to cost some money, and the tricky part is working out how much to spend and how much you can expect to make up. When drafting a budget, you should add at least 30% of your generous estimate on top for hidden expenses. Even the most frugal and budget conscious renovators eventually end up with additional fees out of their control. Perhaps rain interfered and so your schedule was thrown off, or you misinterpreted the building permit procedure and have encountered a fine. These things happen, and having some wiggle room in the budget takes a lot of the stress off of your shoulders.
When it comes to actually what to renovate and decorate, it pays to have done your research. Even if you get compliments of your style all of the time, you will want to read articles and blogs about light, space and positioning. One of the hardest things for renovators to grasp sometimes is that you are not decorating to your taste, but to a very generic, magazine style aesthetic. Go simple, neutral and try to appeal to as many people as possible. With a commercial property, you will probably have an idea of the type of business you are hoping to attract, which makes the styling a bit easier. At the very least, it should provide direction in terms of furniture and positioning, as well as things like lighting and power outlets.
List your finished product at http://www.bidrhino.com.au/nsw/houses-for-sale/ with Bid Rhino, the leaders in exceptional commercial property for sale in Sydney.