When renovating a property destined for sale, it\u2019s all about the bottom line, so knowing how to skimp but still get a great price, is vital.<\/strong><\/p>\n Melbourne-based buyer\u2019s advocate and qualified property investment advisor Cate Bakos says renovating for profit is very different to crafting a \u201cforever home\u201d.<\/p>\n It requires a unique approach, she says.<\/p>\n \u201cThe very first consideration if renovating a property you plan to sell, is to ensure you have a strong enough market to make it work. Even when you do a renovation on a shoestring, you need to think about stamp duty and selling costs as well, to make it worth your while,\u201d Bakos says.<\/p>\n \u201cThe last thing you want, is to do all that hard work for no gain,\u201d she says. Also be mindful of how the tax office will view \u201chouse-flipping\u201d activity.\u201d<\/p>\n Bakos says as long as renovators understand the demographic they will ultimately be selling to, and cater to it, it\u2019s possible to skimp in some areas when renovating, but still turn a profit. Here are her top tips.<\/p>\n While it\u2019s easy to walk into a big-brand store and spend lots of cash on new fixtures and fittings, there is another way, Bakos says.<\/p>\n \u201cShopping skillfully is one thing people can do to save money. If you have the time and are happy to trawl around online, on auction sites and the like, it\u2019s amazing what you can find,\u201d she says.<\/p>\n People able to refurbish furniture<\/a> can give old pieces new life, then use them to stage a home for sale<\/a>, Bakos says.<\/p>\n Shopping for new fixtures and fittings online can save you a lot of money. Picture: Getty<\/p>\n<\/div>\n Bathrooms are very important, but ripping one out and replacing it can be expensive.<\/p>\n \u201cIf the bones of a bathroom are good and there are no major issues to address, look at simply spraying over tiles<\/a> to refresh and modernise a bathroom,\u201d Bakos days.<\/p>\n \u201cIt\u2019s much more cost-effective than starting from scratch.\u201d<\/p>\n Look at simply spraying over tiles to freshen up a tired-looking bathroom. Picture: Getty Images<\/p>\n<\/div>\n Adding an additional bedroom to a floor plan is one of the most cost-effective ways to improve a property, Bakos says.<\/p>\n Using otherwise wasted space as a bedroom isn\u2019t usually costly but is a \u201cclever option for adding value.\u201d<\/p>\n Adding an additional bedroom can vastly improve a property. Picture: Getty Images<\/p>\n<\/div>\n A number of new flooring products offer<\/a> an affordable way to add wow factor \u2013 without forking out for real timber.<\/p>\n \u201cGone are the days of floating floors looking cheap. There are some great veneer and even bamboo flooring options now that are really durable and if they\u2019re laid well, provide an excellent finish.\u201d<\/p>\n Great looking flooring does have to cost a bomb these days. Picture: Hilton & Hyland<\/p>\n<\/div>\n
\n <\/p><\/div>\n Realestate au <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Shop smart<\/h2>\n
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<\/p>\nGet spraying<\/h2>\n
![\"old](\"https:\/\/i0.wp.com\/www.realestate.com.au\/blog\/wp-content\/uploads\/2017\/09\/01023632\/old-bathroom_600x800.jpg?resize=600%2C800&ssl=1\")
<\/p>\nAdd a bedroom<\/h2>\n
![\"sma;l](\"https:\/\/i0.wp.com\/www.realestate.com.au\/blog\/wp-content\/uploads\/2017\/09\/01023728\/small-room_2000x1500.jpg?resize=2000%2C1500&ssl=1\")
<\/p>\nFresh floors<\/h2>\n
![\"5664](\"https:\/\/i0.wp.com\/www.realestate.com.au\/blog\/wp-content\/uploads\/2017\/03\/02151554\/4.jpg?resize=2000%2C1500&ssl=1\")
<\/p>\n