Renovating For Profit – The Unsung Costs

I concluded well before writing this that there was little chance of making a list of figures in any way interesting, humorous or enticing to read. I subsequently, concluded, that a short video of said figures might work slightly better and with an upbeat Canadian voice-over, no one could complain about listening to my dulcet tones.

The piece itself almost didn’t see the light of day due to its brevity and inherent dullness but the ongoing anguish within kept bubbling to the surface every time I heard, saw or read another article or TV show insinuating “you-too-can-make-heaps-of-money-renovating”.

“I may be overreacting (it has been known!)”.

I say this, and highlight the additional costs involved in the renovating/buy-and-sell process, only to clarify the overall profits that may be possible might be less than anticipated and for the first-time ‘flippers’ to be fully aware of the true costs which are often conveniently left out of the media.

I may be overreacting (it has been known!) but having spoken to a number of people recently, it’s clear they haven’t considered all of the costs within the process and not just the absolute cost of the renovation itself but also the time in planning, approvals, completion of the works and, ultimately the sale. It just seemed (according to my statistically unreliable sample group) that there is a general lack of understanding where costs are concerned and the glossy images the media portrays are not necessarily to be taken just on face value.

All doom and gloom it isn’t, there are still great opportunities in renovating the right property. With a clear focus and full understanding of the financial quagmire, you’ll be on the right track with far less stress and grey hairs on the horizon.

Check out the video. Happy renovating.