Buying, renovating and reselling a property is a business-like project with uncertain returns, not an assured shortcut to profit.
Budget beyond the renovation
Include duty, legal fees, inspections, interest, insurance, rates, selling costs and contingencies. Allow for delays and a weaker sale price. Tax treatment can depend on your activities and intentions, so obtain advice before buying.
Confirm the work is feasible
Check planning restrictions, building condition, approvals and trade requirements. Get detailed quotes and record variations. A property that looks inexpensive can carry major structural or moisture costs. Decide how you would hold or exit the asset if the timetable or market changes.
