Renovation means engaging a builder

Renovating properties is considered one of the best ways to create equity, increase capital value or improve renter appeal, be it cosmetic or major structural work.

When your investment strategy extends to buying and renovating, you will need to find the right builder for the job. As with all investment strategies, property investors are encouraged to engage professionals in order to maximise opportunities.

Here is a guide to asking a builder the right questions so you get the most value out of the renovations.

• Are they licensed?
• Can they verify their identity?
• Do they have reliable references who you can speak with? (And what do neighbours of current previous jobs have to say?)
• Do you feel comfortable communicating with them?
• What does their contract look like? Is it detailed? Do they have prior contract variations?
• What is their online presence – website and socials like Facebook and Instagram?

And finally, how do you feel about engaging this person? What is your instinct telling you?

Renovating your investment property is a major decision that involves spending a significant amount of money, so do your thorough checks.

SOURCE: RE/MAX Australia