Renovating Property

Do Those Sums Before Renovating Property

A full property renovation is not for the fainthearted, but it can be a great way to get started in the real estate market. By purchasing run down homes and doing renovations you stand to make a profit when you sell. However, much depends on the cost of the renovation and part of this is likely to be equipment hire.

A handyman is unlikely to have all the equipment needed to renovate a home from the foundations or floor up. They may need to hire such things as scaffold or professional tools to complete the task. Plant hire could also be on their list, depending on what needs to be done. Excavators can make any job go a lot faster, especially when you need to excavate ground to fix foundations or add new ones.

It is wise to make out a list of everything that needs doing to a home or building before you even purchase the property, because if the repairs are too extensive you may make a loss rather than a profit. Or you may make a smaller profit than you wanted. Don’t forget you should also count in the hours you are likely to spend working on it with the other costs. You don’t want to be working for next to nothing.