I’ll second that qwerty!
thanks henry we are always hearing about ‘cost effective’ renovations but not so often about how to go about it. what you’ve written is gold
e x
I am just about to finish our first renovation project, and I have learnt so many things just by being involved in the project that I would never have learnt any other way.
Firstly: you need to know who your end buyer is going to be if your intention is to buy, renovate and sell. Are they going to be a first home buyer, a young family, downsizers or a larger family.
If you’re renovating for a first home buyer, you need to know what the prices are that first home buyers are paying for properties. Most (but not all) first home buyers can only afford the lower end of the market, but most first home buyers don’t have the time, the money or the desire to spend their weekends renovating. I’m possibly wrong, but that has been my experience – if someone can purchase a home in their price range that has been renovated and is somewhere that they can show off to their mates, then they’ll buy it. We’d all love to be on The Block, but when it comes dwn to it, I think there are a lot more Renovation Rescues out there than we think!My new strategy for my next project is to find a run down property, get the purchase price down as low as I can, and look at the end price that someone would pay for that property in that area, factor in the buying and selling costs plus the costs for tradesmen to do the work (after this last reno, if I can cover the cost for tradesman to do the same job in less time, then I’m happy to pay them if I still make my desired profit – I’ve realised I’m great at visualising how the property will look and co ordinating it all, but I’ve not got the patience to actually do the work!! My mother on the other hand has found a hidden talent for carpentry – she’s amazing!)
The house we’re working on is in a great location, but would only really suit a first home buyer or a retiree – it is quite small, and so wouldn’t appeal to a young family who may have that little bit extra cash to pay for a bigger property.
we kinda got a little bit carried away with this reno, in terms of what we thought we’d get for it at the end – and that’s what i mean that I have learnt so much just by doing the reno.Secondly, stick to the budget!! You can get so much stuff at auction houses, there’s not a real need to go and pay retail for materials.
Hope this helps![cap]
All this reno stuff being discussed..I was wondering if anyone who have got their properties done at a distance without looking or doing anyting to it? Who do you rely on getting ‘reliable’ information on what is needed to be done, etc? REA or ?
Still seeking a property to buy to start my investment (and fun)…
Cheers
darls_666
can you please read your post then retype it because it doesn’t make sence; got their properties done at a distance without looking ??? are you still in school???? (primary)
what is darls or do you mean deals ???[confused2]
I know what you mean darls_666;
Q: Has anyone bought their IP’s at a distance, another state, whatever, without having to do anything to the IP on or after settlement.
A: no mine is local.Q: Who do you rely on to give you reliable info about the state of repairs etc, the finer details of the place & future potential.
A: Get your solicitor to recommend a solicitor in the town you buy.
Ring building inspectors in the area for a price and ask what it covers and what sort of insurance they have. The guy we use is fantastic. He is so picky and detailed – you know the exact condition of everything.
Talk to the REA/council about the neighbourhood, area, history, flood zones etc
See a Borker for finance.Residentialwealth, I understand that the english might be a bit lacking but surely you can read between the lines?
[grad]
Matt
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