All Topics / Help Needed! / First timer wanting to enter the renovation game

Viewing 7 posts - 21 through 27 (of 27 total)
  • Profile photo of CatalystCatalyst
    Participant
    @catalyst
    Join Date: 2008
    Post Count: 1,404

    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.

    Profile photo of yannjgsyannjgs
    Member
    @yannjgs
    Join Date: 2011
    Post Count: 14

    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.

    Profile photo of yannjgsyannjgs
    Member
    @yannjgs
    Join Date: 2011
    Post Count: 14

    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

    Profile photo of yannjgsyannjgs
    Member
    @yannjgs
    Join Date: 2011
    Post Count: 14

    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

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    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

    Profile photo of Andrew_AAndrew_A
    Participant
    @andrew_a
    Join Date: 2003
    Post Count: 392

    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!

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    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

Viewing 7 posts - 21 through 27 (of 27 total)

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