Insights

Recently Hodges agent, Angus Graham, was featured on news.com.au to comment on renovations that can cost you more money than what it’s worth.

In the article, Angus warns that homeowners can run into trouble if their renovation costs surpass the value that has been added to the property.

“As a rule of thumb, properties in the entry level end of the market are less likely to return costs associated with anything above basic improvements,” he said. “Properties in more prestigious markets offer better returns on external renovations and therefore can be invested more heavily in.”

Though it can be rare that improvements make no change to a property’s value, there are certainly always exceptions to the rule.

Those looking to renovate or make home improvements not only need to keep an eye on the budget, but also consider how much they will be getting in ‘return’.

To read the full article, click here.