A cashflow positive property is when your rental income exceeds your mortgage repayments, rates and other costs. It means that the property is self sufficient and doesn’t usually need a ‘top up’ when your mortgage repayments or other expenses are due. Unfortunately these types of properties are quite rare!
Tag Archives | property renovations
One of the best things you can do when buying a property to renovate for a profit is to buy under value to begin with. Why pay retail when you can help a distressed seller (buy their property at a discount), renovate it well and make a tidy profit.
Finding good tradies to renovate your property can be like pulling teeth sometimes. Many don’t get back to you quickly. Others hand you ridiculous quotes. And some go weeks over their promised deadline. Having unreliable trades-people can cause real problems which can blow out your costs and turn a profitable job into an unprofitable one.
It’s a common mistake to just try to make a property look good when renovating for a profit or to sell – and this is of course very important.
I’m constantly asked about how to choose a good renovator, so in my ongoing attempt to educate my readers, here are a couple of examples. Basically, I look for a property where I can keep a big portion of the existing fixtures and fittings. For this blog post I am focussing on exteriors, so I’ll be concentrating on what parts of the outside I don’t need to replace or spend a lot of money on.
If you’re planning a renovation soon, then the exterior of your property is one area to get looking just right. Whether renovating to improve the valuation or to increase your chances of selling, the exterior is the first thing you or your buyer sees.
Renovating is an exciting concept for most people. Having the chance to pick your favourite paint colours, go shopping for all the appliances, fixtures and fittings and generally put your signature to something can be a real buzz.
The new Restricted Building Work regime applies when renovating or building residential houses and small to medium apartment buildings. Restricted building work is work to the structure or external moisture management system of these structures – work that is critical to the integrity of the building. Most residential building work that needs building consent will be restricted building work.
If you own a property and thinking of selling, you might be wondering whether to invest any money in renovating – or just to sell it as is. This is an extremely common dilemma – and one that I am talking to people about just about every day.
Renovating property to suit students specifically is a task that if done expertly, will reap an investor real long term rewards. Different to renovating a property for sale, or even a property to rent to a ‘standard’ tenant or family, student accommodation design must be, more than anything – practical.
The current state of the economy has stopped a lot of people in their tracks. Many are of the view that they will ‘tread water’ for a few years until the economy improves. Others are taking this opportunity to pick up a bargain, often helping a distressed seller in the process and making a profit from their efforts.
The exterior of your property is the first thing your buyer, your tenant or your valuer sees, so it’s critical to get it looking spot on. Will you create a property exterior that is so-so and risk potential buyers and renters to just drive on past?