Hi Aceyducey
Sorry to target you like this and I hope you don’t mind. I know from my readings on this forum that you renovate for a living. I have renovated to let in the past and I find this activity worthwhile to achieve higher and quicker rents.
Two of my brother’s friends have renovated houses to sell in the past (although not in boom times) and both of them say you make back your renovation costs plus about 5% “hassle factor”. Subsequently they don’t do it anymore. I know it comes down to below market value purchases etc but is renovating during boom times and a continuing low interest environment typically more lucrative than “normal” times? Could there be a little confusion between what is normal CG’s and what CG’s are created by the renovation during boom times? My brothers mates are saying forget renovating for a profit there really isn’t any.
What’s your views
Sorry to target you like this and I hope you don’t mind. I know from my readings on this forum that you renovate for a living. I have renovated to let in the past and I find this activity worthwhile to achieve higher and quicker rents.
Two of my brother’s friends have renovated houses to sell in the past (although not in boom times) and both of them say you make back your renovation costs plus about 5% “hassle factor”. Subsequently they don’t do it anymore. I know it comes down to below market value purchases etc but is renovating during boom times and a continuing low interest environment typically more lucrative than “normal” times? Could there be a little confusion between what is normal CG’s and what CG’s are created by the renovation during boom times? My brothers mates are saying forget renovating for a profit there really isn’t any.
What’s your views