In this episode, we are once again joined by financial adviser, Tim Weston, who shares his 6 top tips for renovating property investment in nz:
- Keep the scale manageable – If it is your first investment, you wouldn't want it to blow out in terms of time or costs. The best way to achieve this is to keep the scale of the project small and manageable
- Know your numbers – how much are you going to make after sale and finance costs
- Do you research – go out to open homes and check what the price is in your market for a property that is renovated and one that isn't. Then you can make an estimate about how much you can spend in order to make $2 for every $1 you spend
- Keep it cosmetic – this is where an owner occupier will put their purchasing power. Their not making their decision based on the foundations of the property, it's about how it looks and feels
- Ensure that any extensions are manageable
- Avoid anything that is structural
