Saturday, October 3, 2009

Property tip: renovation doesn't always pay


Renovating a property can be a path to more mortgage misery, particularly if you have to pay interest on the cost of fixing, extending or improving a property that has not had significant capital appreciation. Renovations rarely create immediate capital returns on a property, unless it is in a premium, in-demand location where buyers are prepared to pay more NOT to renovate themselves. A good rule of thumb is not to spend more than 10 per cent of a property’s value on renovations.
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Pictures: Lombok via Decorolog

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