Browse Forums Renovation + Home Improvement Re: Home Renovation cost and resale value 4Oct 28, 2015 4:14 pm You're unlikely to make any decent money out of it in anything but a sharply rising market (as it was in the early noughties), but certainly not if you have to engage any tradies. House renovation for profit in lean or flat times is a not always successful even for those that do it for a living. If the cost of buying, renovating, and selling are not clear in your mind, I would not attempt it. All three stages require different skills. Re: Home Renovation cost and resale value 5Oct 29, 2015 12:18 am Hi qebtel, Thanks for your inputs. I actually intend to live in this house until my kids go to uni (12 more years to go!). House is in Perth, where the current median price has been dropping and is predicted to still drop further this year. Glad to get confirmation that in a buyer's market, renovating for profit would be difficult. I actually posed the question to get a better understanding of how the owner-seller is positioned in terms of negotiating the price should I buy the house as-is (unrenovated). I want to put an offer which is lower than his current asking price since the house needs a lot of work which I am willing to do myself in the future. Agent has told me that the owner is thinking of renovating the kitchen and giving the house a lick of paint. If he does, I expect that he will be jacking up the price... Re: Home Renovation cost and resale value 6Oct 30, 2015 2:00 pm freeman Hi qebtel, Glad to get confirmation that in a buyer's market, renovating for profit would be difficult. Why would you try to profit from an asset decreasing in value? freeman I actually posed the question to get a better understanding of how the owner-seller is positioned in terms of negotiating the price should I buy the house as-is (unrenovated). Rent if you can until the market has hit bottom. Your first task is to guess exactly when that will be . If you're happy to DIY reno, buy a structurally sound house that looks crap. The crapper it looks, the harder it is to sell, the longer it sits on the market , the more desperate the seller will be to offload. Bathrooms and kitchens are not really hard to do, Youtube has so many good videos if you are a beginner. Anyone with patience and tenacity can do it. But whether it is a buyers or sellers market, know the value of the market in the first place. Never believe that the asking price may necessarily be even close to the market value. I have seen a house advertised for $260K get sold for $189K , and that was in a rising market. People are looking to try it on all the time. Dont expect honesty from anyone on the selling side. Also viewtopic.php?p=1418655#p1418655 They make the room much easier to clean for one, reflect more light (if light colour tiles are used), and you dont end up with dust on the top edge of tiles (cause most… 3 9644 The last home I lived in didn't have a pool and when i went to sell it the agents were not happy, even telling me to put one in to sell the place. The agents weren't happy… 2 4287 I recently went through a similar renovation and move scenario when updating our family home. We also swapped some rooms around and tackled a major… 2 10136 |