Maybe we can help some first time renovators or investors that get sucked in with all these renovation shows that are driving people to buy and renovate and make these huge profits.
We have stared in several of these shows, and have done some awsome renos and made some good profits, but enough is enough we want to spill the beans and hope people don’t get caught by letting these shows drive them into thinking they can make the same amount of profit.
Sure profits were made by people renovating but when?
1.The shows always are back dated when the boom is at its high and buyer frenzy is at its high.
2.They only show the success stories and edit and minipulate the tapes to there liking for ratings.
3.There is always a hidden team of tradies that do the work for practically nothing and to achieve the time frame.
4.Most of the materials used are usually given for free or at cost for advertising benifits.
5.Some of the homes bought were bought earlier before the boom.
These are just some points and I can go on and on, so its about time they show some not so success stories, but that wouldn’t happen because they would not get the ratings or would they?
So if your thinking that these shows are driving you to become and investor/renovator think again.
Being an investor/renovator is great but again do your own research and costs. I find that this site is informative and there are a lot of people here that don’t mind helping you to achieve what you are looking for.Good point Zuki124.
I am thinking of doing some reno in the future, but now see a lot on TV seem a bit of a worry
Kind regards
Chandara
[Keep going, you’re nearly reach the end of financial freedom]Hi Zuki,
Thanks for the insight. I always wondered how they could manage in 2 days to complete an entire transformation. I know how long it took me and my hubby to put up a pinboard for my son’s artwork, 2 hours later after spending approx $75, it was well worth the smile on Phillip’s face, but I couldn’t imagine being able to do artwork from scratch, renovate a kitchen, polish floors, paint walls all in 2-3 days.
You made a very good point.
Keep up the good work.
Sooshie [
]“small steps make the journey” (SAS)
Being a tradesman I have been involved in reno work for 12 years. I would imagine these TV reno’s take a month of planning before the day, and each tradesman would have so sign some sort of contract so they actually turn up on time and get the work done. HA! try doing that in reality. Most reno jobs I have been on take 4-6 months, and stuff ups are the norm, not the exception. Planning is the most important thing, but rarely did I have a job where there werent at least 20 variations. The budget always got blown out and there were always massive delays.
When I think about how much rent was lost during the 4-6 months, I wonder if it was worth it.Now when I do a reno, I will live on site, so theres no rent lost, and I can always be on site for deliveries, quotes, questions etc.
I would consult with the tradesmen so a schedule could be formed, and offer bonuses to each tradesman if they still to the schedule. Have spare days incase there is a delay. You will be surprised how they all suddenly turn up on time and work so much quicker when they know they are being paid more for priority treatment. Pay em an extra 10%, the reno will be done in 1/2 the time. Get estimates, not quotes. When we do a quote, we add 20% for “stuff that might go wrong”. When we do an estimate, we just do an honest guess. Quoting wastes our time and yours, and puts pressure on us. Its usually cheaper to just say “turn up and do this”.
Dear Crashy,
You almost crashed me. You said before you don’t have job and want to go into business and not sure where to start and then I think you were saying that Share is good and property are not as good as share. and now you are saying you are a tradesman am I missing some thing or confusing you with some one else.
Amit
Agree totally, they never seem to consider the real cost of renov. eg buying/selling.
By the time you add in taxes, well is it really worth it. All the hard work you have put in and the interest you have to pay to service the loan.amitash
I WAS a tradesman. I moved to QLD and no longer have the nessesary licence to work in the trade. Plus I didnt do 2 years of finance study to go back to a job I hate.
I would only buy a property if I can unlock some hidden potential (develop). There are no more positive gear properties, which means creating them.
Hi all,
Yes these shows need a shot of reality!
However, they give the average person the get up and go to go out and try something.
Our “strategy” seems to be – buy a property (in a regional town) that is just under cashflow +ve. Do a reno, up to 10% of value of ppty, and bring the house up to cashflow +ve.
It’s something that others should try if they can spare the time, but you definately need to be committed to a strict budget i.e.. 10%, and timeframe i.e.. no more than 4 weeks, to make it work. You have to also be prepared to get dirty!![
]Del
If you are interested in renovating maybe look at something that has been partually renovated but not to the markets liking as alot of these properties will come up soon as people find out that it takes quite a bit of money and experiance.
Leave the unrenovated properties alone as you know the worse condition its in the more money it fetches.
So turn your way of thinking around, you might be surprised in what you find.Trying to help.
Hee hee, the good thing about those reno shows on telly is that when the home renovator stuffs it up and can’t be bothered they have probably lowered the price on their house to sell!
Easy pickings for those who can do it quickly and without costing much! Woohoo! So it isn’t all bad! All the good ones you see, I am sure there are probably 10 that are absolute bodge ups. You just gotta find them!!![:X]
Mrs.Here for a good time not a long time, just do it!.
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