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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:
Jarrad Mahon is the go-to guy in property management and investment in Perth, giving you his insider view on the Perth market and the strategies needed for you to grow your wealth and improve your life. All you need to do is to stay tuned!
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