Renovating tired properties

Renovating a rundown property can be a rewarding and fun exercise that if successful, can leave you with your dream home!

Drawing inspiration from shows like The Block, many Aussies are embarking on DIY projects to rejuvenate tired houses and transform them into profitable ventures.

If you're challenging yourself with more than just a bit of bathroom DIY, you will need to keep some important considerations in mind to ensure your project stays on the right track.

The most important job you will need to do during renovations is pre-planning. The worst thing you can do is underestimate the costs of materials and equipment to end up with a half-finished house on your hands.

To ensure this doesn't happen, put together a detailed plan and budget, with each job broken down into exact work and materials required.

Always make sure to factor in professional labour as well. For example, for anything electrical or plumbing related you will need the services of qualified tradesperson, which will cost considerably more than your own labour.

Unless you have a limitless budget, split DIY jobs into two categories - necessity and luxury - carrying out the most important tasks first to ensure you have enough cash flow.