I like hard work and love to see a property transform through renovation… But not everyone does!
I’ve written this blog to share my love of renovating and make you think about including it as part of your Perth property investing strategy. Renovating is just one of many investing strategies you can choose to accelerate your wealth creation. Above all else you need to find which strategy suits you and your life style and enjoy the journey!
Getting a taste for property renovation
My love for renovating began just five years ago when we arrived in Australia. My parents bought a run down, old property in Lesmurdie on a half an acre block. The property was a beat up sad space with a decommissioned pool, broken down fence, sunken 60’s lounge and dark brick kitchen, old bathroom, the list goes on and on… It was in serious need of a renovation!
This was my first taste of renovating a large scale project. The work included rebuilding and tiling the cemented pool, large scale landscaping, painting, plaster boarding and re-modeling. I forgot to mention my favourite part, building an African hut made from reclaimed coffee rock as well as converting the double carport into a self-standing granny flat. In side we completely renovated the kitchen, living room, bathroom and four bedrooms we plasterboard, painted and tiled throughout.
All my weekends for 11 months were filled with long, hard and tiring work. There were many times we felt like giving up and moving out!
However seeing the transformation of the house from an ugly duckling to a beautiful swan made every bit of blood, sweat and tears worth it… plus from $80,000 in renovation expenses the properties market value went from $490,000 to $610,000 in 11 months. Not a bad pay off when you also get a modern, renovated home to live in at the end.
My first investment property purchase
This experience was an inspiration for how I would choose my first investment property. It made me realize, I want to be an active Investor and like to put a degree of hard work in renovating and developing.
I believe property investment is like many other things in life, the more effort and energy you sink into a property, the greater your rewards are likely to be.
I have just purchased my first investment property in High Wycombe which I spent 3 months renovating, we completely gutted the inside building, kitchen, bathroom and rebuilt up from start. 3 months went by, working 14 hours days, but I’ve come out the other end and extremely happy with the outcome. We are now pushing through paper work to get the property subdivided and looking forward to the next step of building a new property on the rear of the block.
What investing strategy suits you?
If you’re reading this and want to take a dive into the wonderful world of property investment but you’re unsure what steps to take next. We offer a one on one strategy session with the director of the company Jarrad Mahon. Regardless of whether you are just starting out or if you are a seasoned property investor, we can help you develop a clear property strategy that best suits you. Click here for Strategy Session details and to request yours.
If you have any questions or comments about my investing experiences to date make sure you post them below.