API - Renovating in a flat property market

When renovating in a flat market, it's more important than ever to ensure you eliminate as many complexities and unknowns before jumping on the bandwagon, according to Ana Stankovic of RenovateAndProfit.com.

"More and more real estate investors are finding that they now have to change their wealth creation strategies to better suit changes in the current economy," said Stankovic.

She said renovation is what many turn to when deciding to add value, however every decision needs to be more precisely calculated in a flat or falling market.

"Guesswork is what trips up most investors, which is why so many of them go over schedule, blow their budgets, or spend their efforts and money on changes that don't actually yield enough of a margin on the resale price."

Stankovic said it's not enough to just purchase a dilapidated property, add some sparkle and cross fingers that it will yield a good return.

"You need to fine tune your processes so you feel comfortable with the decisions you make and can walk into a project with your eyes wide open, knowing what you need to do, how much it's going to cost and how much profit it’s likely to make," she said.