Forum Replies Created
Who is your target market that you will be renting to? If it is mainly families that live in that are, than they will prefer carpets. If it is a young, trendy professional area, than they generally tend to prefer floating floors. If you use materials and target your renovations to the people who live there, you will get much better rental returns.
Wishing you every success, Ana StankovicDefinitely worth having a few different quotes. Have a look at some middle ground companies – not so big that you will be just another client (especially if your job is a smaller one may end up lower priority then some of the big ones), but not so small where it's just one person working for themselves. Check their qualifications and also ask about some of their recent jobs.. A company that is not huge will go that extra yard to look after you that a big one may not. It will come down to the individual company, but I'm sure you'll be able to tell pretty quickly from the moment you call them how quickly they get back to you, how prompt they are, how they answer your questions, how soon they send you through a quote, do they guarantee their work, etc.
And as Jane mentions there are advantages to using trades to get your materials as they will have much better discounts available to them.
Wishing you every success, Anaps. Let me know if you end up stuck, we might be able to help.
And there is a lot of very good articles and free information on a lot of different websites too.
I can provide comment from the other side. We have done renovation work for quite a few interstate and overseas clients. And we have put in place controls to help us manage this. So one of the things we do is have a spreadsheet which shows %complete on each of the renovation parts (eg. kitchen, bathroom, rendering, electrical, etc). We also show based on those % complete where the money from the progress payments has been spent and how much is still left in the kitty. And communication is the most important part. We personally do a weekly phone call which is more to do with status updates and a weekly phone call which we use for decision points such as talking about tiles or taps, etc. Your service provider needs to manage this for you in the same way that they would like it to be managed for them if it was their project.
Hope this helps, AnaIf you want to have really accurate information on that you are basing you research on, than you will have to start tracking what unrenvoated v's renovated properties have been selling for in those suburbs. But take it to the next level, break it down according to who many bedrooms, bathrooms, parking spaces and size of land. You will start seeing paterns repeating which will help you if you are considering changing the profile of potential renovation deals.
It really also depends on which combination of strategies interest you. We specialise in renovating for profit, so we might be looking at something that you can purchase, renovate and either create sale profits or increase it's rental yield to make it neutral or cash flow positive. We have a content driven seminar coming up in Melbourne in July.
Thanks workingunit and thanks Chris!
We have for our next seminar in Brisbane (28th August) joined forces with Kevin Turner and 4BC radio so it should be a very exciting information day. You can find out more about it at: http://www.winningformulasforsuccess.com/Brisbane
Wishing you every success, Ana Stankovic
Thank you to everyone for coming along. It was a fantastic day with lots of detailed and specialist information shared. It was a real pleasure to meet you all and it was lovely to see Kevin Turner (Real Estate Talk on 4BC radio) and Nicole from Australian Property investor magazine in the audience. Look forward to the next one in August.
We've got clients that have successfully purchased/renovated/sold in a large variety of suburbs, types of properties and price ranges from all around Australia. Feel free to have a look at some of these case studies which I'm continually posting on the website – http://www.WinningFormulasForSuccess.com
Wishing you every success, Ana
We have done these types of renovations quite a few times for ourselves and our clients, with either converting the garage into a bedroom & ensuite or two bedrooms depending on just how big the garage is. These have worked very well in terms of value add, just make sure that the work complies with the building regulations and that you cost the works accurately.
Wishing you every success, Ana
Australian Property Investor magazine and Wealth Creator magazine have both donated recent copies of their magazines for all attendees of the seminar on Saturday
Also depends on what you are trying to do, our experience is that buy/reno/resells are doing much better than buy/holds at the moment. It's all about manufacturing growth rather than waiting for natural growth to happen
We haven't done anything in Wantirn South or Sunshine, but we have done a few reno's for clients in Ringwood who have done very well out of it. It's got the eastland shopping centre, freeway, ringwood bypass, not far from other higher priced suburbs ie Blackburn, Templestowe… One of the case studies on my website shows a reno that is just in the process of being completed there.
It is really hard to know what that cost included. I can only share with you from our own experience as a service provider what we recently went through with a client.
We charged $10,000 for the prelimiary works, but that included:
– Works Insurance
– Warranty Insurance
– Soil Testing
– Energy Rating Documents
– Building Permit Document preperation
– Engineering Documents
– Obtaining the building permitsIt might be worthwhile to find out exactly which things were included in the quotes you get..
Hey guys,
I know you mentioned your location Michael, the 1-on-1 program that Jane is refering to I run completely virtually. I've coached people from all over Australia including a couple in Canada and the UK. The idea is that you can get all your reading, listening, templates, tools, etc through email and than I speak to every person each week (over phone or skype) and give them homework in between on how to practice everything they are learning practically on real life examples. I'm more than happy to have a chat and and answer any questions you may have
We've used Scott from Depreciator and Piers from BMT – both fantastic at their jobs and highly recommended. You are better off finding a really good surveyor and speaking with them about coming to you. Most of them will travel around Australian or have people that work for them that they will send.
Just to give you a quick update:
– Michale Szulc, director of Cayzer Real Estate is coming along to give us a market update
– Lee Dittmer, director of Who Finance who sits on the board of The Mortgage and Finance Association of Australia (MFAA) is going to be presenting on finance, especially about the differences between finance to reno/resell and reno/hold and joint ventures
– Mary Sealy, director of MJS Law who will be going over the legal aspects of renovating for profit
– David Wilder, partner at WMC Accounting who will be going over structures and the taxation side of renovating for profit
– And of course me, going over the process of renovating for profit, renovations that add the most value, costings, performing profitability analysis, building networks of contacts, etcAnd I'll also be interviewing Paula about her case study (renovation which she is currently in the middle of doing)!
It was great to pop into your meeting on Monday night and see so many investors there, all with the same interest and passion for property investing, looking to learn from people who have gone out and done it, and learn from their experience. I really enjoyed it and would recommed it to anyone looking to get started investing!
Hi Energy4Anarchy,
Can you give us a little bit more information in terms of what you are looking for and for which purpose. eg. Are you looking at purchasing something to renovate and resell or are you looking to get an investment to hold on to long term and just rent out, etc. What are you budgetary limitations? etc
Hi,
Just a side comment regarding the cavity. When doing these kinds of renovations for clients we have more often than not found these cavities to have a lintel above them which are load bearing. This means that if you want to increase the cavity or remove it completely, it will be a structural change which will require a permit and a new lintel to be engineered and installed at the height that you want to open it up to.
It might be worth while getting a builder to come and have a look for you. Let me know if you get stuck and need a hand as one of our guys might be able to do it.
