Renovating can be a lick of paint or a more major exercise like removing a wall. As all successful property investors know, adding value to your assets is a great way to increase the yield a property provides.
Renovation is one way to add value. There is a cosmetic renovation, which involves a spruce up, tidying the property, repainting and replacing old and worn fittings. A major renovation involves structural changes and additions and you must carefully weigh up the cost- benefit of this approach.
If you keep your profit margin in mind and never over-capitilise then you will benefit by adding value to your asset and investing in the property’s long term viability.