The DIY property renovation craze has been spurred on in a huge way by popular TV shows like ‘The Block’ and ‘Renovation Rescue’. If you want to purchase a house that needs some TLC with a view to making a profit, here are some key tips that will help to set you up for success.

1. Do your homework – Find out what improvements are the most likely to add dollar value to the style of home you have purchased, the suburb and the current marketplace. It’s important to take the emotion out of the equation and really study the marketplace and current trends.
2. Remember that it’s not about you – You have bought this home with a view to make a profit from it, not to enjoy living there yourselves. So stay focused on your target market and keep design choices neutral and in keeping with the style of the home.
3. Stick to your budget– Don’t risk blowing out your renovation budget. Budget like a hawk, especially when renovating for a profit. If you struggle in this department, engaging the services of a professional valuer can help you estimate costs and draft a disciplined budget. Your goal should be to double what you spend.
4. Keep it as simple as possible– Simple, low cost improvements like a fresh coat of paint, new light fittings, new tapware and door hardware and new bathroom fixtures are sometimes all you need to substantially add appeal and therefore value.
5. Connect with a good agent in the areas you wish to renovate for profit– Share your goals with the agent so they can contact you with potential buyers from their database and give you tips on what their buyers are looking for.
6. Build a network of tradespeople – If you are like most DIY renovators for profit you won’t be doing all the work on your own. Invest in a competent team of tradespeople you trust and have rapport with. The agent you connect with may be able to refer you to good tradespeople in the area.