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Renovating a property might look easy on TV, but actually doing it well and making a reasonable profit from all your hard work is a real challenge!
As a key component of adding value to your property, you have to decide what to actually renovate, what your reasons are for doing a renovation, and then how to go about doing a renovation.
In this episode, I want to go deeper into this subject by giving you my rules for profiting with a renovation. You’ll get tips for buying under market, what to look for to secure bargains, lots of examples, and even a case study on the very first renovation I did.
Don’t miss out on the valuable insights I’d love to share with you so tune in now!
- When it comes to renovating, you need the right team and the right plan [02:00]
- Get the right order and steps for your renovation [06:07]
- Is NOW the right time to renovate? [09:25]
- Why should you renovate? [13:19]
- My renovation rules to avoid making mistakes [17:15]
- Get $2 back for every $1 spent [17:41]
- Don’t spend more than 10% of value for cosmetic renos [18:24]
- Bring your property to an overall even standard with 2-3 ‘Wow’ features [19:42]
- Style in a way that suits the property’s area and era [21:55]
- First impression is everything, don’t forget the outside [22:38]
- Reverse price to build in your profit [24:05]
- Time is money, so hire a professional [24:16]
- The house comes second to the location [24:57]
- A few pointers on what you should renovate [26:33]
- How to do reverse pricing [30:14]
- Selecting a suburb [33:20]
- Tips for stacking the odds in your favour to buy under market value [34:38]
- Biggest factors affecting your sale price [39:28]
- Do’s during the actual renovation [41:59]
- My very first renovation in Huntingdale [43:41]
- Planning your exit strategy [46:49]
- How Investors Edge can help [49:21]
About Our Host:
Managing Director and Licensee at Investor’s Edge Real Estate for more than 12 years, Jarrad Mahon is a household name in the real estate industry. Having received 16 awards over the last six years, he is your go-to guy in property management and investment strategies. He has been featured in multiple media outlets and is continuing to make great strides in the world of real estate investing.