7 Reasons Why to Renovate Property in This Market

7 Reasons Why to Renovate Property in This Market

Home improvement is the process of renovating or making additions to one’s property.

Often, a professional handyman or contractor/s is hired to perform the improvements but, typically, a lot of improvements are done on an amateur DIY (Do It Yourself) basis by the homeowner.

Renovating property is not a new ‘thing’.

Husbands, wives, organisations, companies and individuals have been renovating property for various reasons over many centuries.

Although people over time have ‘tweaked’ the renovation strategy, there is not a lot difference (if any) from what we undertake today as opposed to many years ago in relation to a property renovation.

The fundamentals are still the same and we still desire the same outcome.

There are two main reasons why people renovate property:

1- To improve their existing home- by way of life style choice or because they cannot afford to purchase a newer home

2- Commercial endeavour i.e. to profit/make money

There are also many key benefits to renovating your existing home or for investment purposes which we will discover:

3- It puts you in the driver’s seat. It puts you back in charge- DIY.

By putting you in the driver’s seat means that you can select the exact design, style, colours, kitchen, tiles, bathroom, bedroom, fixtures and fittings, outdoor entertainment area and landscaping that you desire.

Sometimes when you approach a building company to build your home, they provide you with only a few options on the design, style, colours, kitchen, tiles, bathroom, bedroom, fixtures and fittings, outdoor entertainment area and landscaping.

4- Flexibility.

It provides great flexibility in a sense that if you change your mind as to what renovation work you wish to undertake, you can do so and still achieve a desired result and in some cases a better result than initially expected.

5- Bargain price.

Generally if you renovate the property yourself and don’t employ any contractors to undertake any work, you will renovate your property at a bargain price.
You will renovate at wholesale providing you buy your materials at the right price.

I am specifically referring to cosmetic renovating in this point.
There are instances where you must employ licensed contractors such as electricians and plumbers.

There is no way around this and please do not cut corners here.

6- Equity.

Renovating can help you build up significant equity in the property quickly, which allows you to do many things like, purchase more property, purchase a car, take that holiday you’ve wanted, pay for the children’s schooling fees and much more.

7- Its a solid investment.

Just recently I read some scary statistics:

58% of American’s will retire on $10,000 or less.

In this day and age I find it hard to comprehend that over 50% of American’s cannot retire, as who can survive on $10,000?

I would have it as a guess that these statistics are not relevant to American’s but to the whole Western world.

The point is, we need to take control of our finances and our future.

Property has proven century after century to be a solid, low risk investment vehicle for people to build long term wealth and as a solid retirement strategy.