We wouldn't just "attempt" to do something if we weren't sure of the correct procedures. I've seen some bad renos and that's where you get into trouble. Nothing looks worse, for example, a bad tiling job. We only do splashbacks. Always get a professional for the bathroom. Lots of stuff is pretty easy though if you have common sense and can measure.
Also don't attempt electrical and plumbing. Not only is it illegal but you are opening yourself up for litigation if something goes wrong.
Call in anytime. We are actually living in our reno now. It was supposed to be finished but had delays with council (we are splitting the house to make a granny flat) so we have a stud wall bare through our living area. Next year we will buy again for buy/reno/sell.
I will keep an eye for it in the next month's issue. Also as per your signature can I have a copy of your API interview. Thanking you in advance.
Thanks for the tips & advice Gemma! As I've mentioned below to Catalyst, my brother in law is a tradie and I'm thinking of going onsite with him to picks up some skills, but also make use of the workshops at Bunnings. FYI I've also ordered my copy of "massive profits in real estate by adding value & renovations". Picked it up for $14.
Unfortunately I lived about 30kms from the Melbourne CBD and I'm not sure if it's the right area to be renovating. I went to the Home & Property Investor Show couple of months ago and was listening to a couple of speakers. They mentioned that to maximise your profit you obviously should look at areas where obviously demand is high, where gentrification is happening, places that are walking distance to shops & cafes and also this might sound cliche but try to find to worst looking house in the best street. In your experience, do you use these factors as part of your research and are do they always work or would you pick a property in any area and renovate it?
Also as part of your research is there a formula that you use to evaluate if a property is worth it. For e.g is there a certain percentage below the asking price that you will bid for. Pls advise.
Cheers Yann
Thank you! Will keep this in mind. Might be visiting the family in Sydney next year so might call in if I’m in town at the same time.
Seems to be a massive trend in particular in NSW having a granny flats in the backyards
Hi Yannjgs
Sure happy to send you a copy if you wish to drop me a line with your email.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
A good reason to buy the next API, looking forward to reading
With reno's I would say if very important to check your end values very carefully, once you have a high degree of confidence in a realistic sale/value price at the end you can work backwards with the numbers and arrive at the beginning!
Heh Andrew you and i have met so you wont get any shocks lol
Have yourself a good Xmas.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
You must be logged in to reply to this topic. If you don't have an account, you can register here.
