Full gut renovation presents a potentially lucrative opportunity for people who can manage to find a piece of property worth fixing up and selling it for a profit. With the right property and a professional rendered job, it is possible to turn a profit of several thousands dollars on a gut renovation project.
Despite the huge profit potential for full gut renovation, not all such projects are guaranteed to make you money. Depending on various factors, you might find that a certain project makes a poor choice in terms of providing an opportunity to make a profit. In fact, some projects can prove more costly than they are worth in terms of time as well as money, and should probably be avoided.
Buildings that have extensive repair and renovation requirements make poor candidates for renovation if you are hoping to turn a profit. You should pay particular attention to the condition of the primary sections of the structure including the hallways, the façade, and the roof. Buildings that need extensive work to be done in these areas will probably be too expensive for you to renovate and still turn a profit, so it might be best to look elsewhere.
When inspecting a particular piece of property for renovation potential, it is easy to neglect the ‘hidden’ features such as the plumbing and electrical systems. Hidden as they are, these elements are absolutely essential to the proper function of the home as well as the comfort of the people who live in it. Repairing or replacing these systems can be very expensive, so you might want to consider the cost when inspecting property for renovation.
If you are planning to renovate your own home or a rental, consider also how long you plan to be staying there. If you plan to move away at some point in the not-too-distant future, the cost of a full gut renovation may not be worth it.