Renovating for profit DIY vs Professional
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- Опубліковано 15 вер 2024
- Renovating for profit can be an amazing way to grow your property portfolio faster!
Have you ever wanted to renovate a property but don't have the time or skill set?
This episode I (Todd Sloan) talk with Oliver Jackson about the 7 ways to add value for around $5k from 2 uniquely different perspectives.
Oliver's expertise sits firmly in organising and coordinating trades for profit whereas I've built my portfolio from a mixture of organising trades and a ton or DIY sweat equity.
We discuss each of these 7 ways in detail from both the DIY perspective and the organisational approach with renovating for profit.
So if you’re someone who wants to renovate a property to increase equity but aren’t sure whether you're better off hiring someone else to do that kind of work or getting down and dirty yourself...
By the end of today’s episode you should know the answer to that question!
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I totally agree with Blinds from spotlight. I’ve done 7 houses and reno’d them, and I’ve always gone to spotlight for blinds. They usually do a cyclic promotion with their blinds where you get 50% off the original price. I used to time my Reno’s so that when they’d go on sale on their website , I’m there first thing in the morning morning with my window measurements. I usually spend less than $1k on premium quality night and day blinds.
If you’re ever after premium kitchen mate, you can go to Amorini factory outlet kitchen at North Plympton. You can order a factory second kitchen based on your measurements and design. These kitchens are brand new but from the previous year’s model. They are 2 pac gloss finished kitchens and pay around 3k for a large L shape kitchen including laminate bench tops , soft closing doors…
You are a true value hunter 🙌🏼
Great video and been loving your content, very insightful. Any chance you could do a video on how to do a reno from interstate? Do you need to hire tools, a car, a bed to sleep in? Kinda doesnt seem worth it to me. Im from VIC looking to reno my IP in WA. First time investor here.Cheers
Amazing content Tod
Thanks mate 😊
In this current property market, you often get minimal face time with a property at inspections. Is there a rule of thumb style or logic you can follow when you have 30mins to assess the reno costs and value potentials of a bathroom/kitchen etc.
Great question! There's three quick things that come to mind that will help
First:
Take a video as you walk through, making sure you get close ups of everything that could be an issue not shown in general marketing photos like window frames with water damage, fixtures not secure or broken etc.
Second:
Ask for a private inspection, you might not get it but it's always worth an ask. When I was an agent I would do these all the time when I felt someone was a genuine buyer.
Third:
Know your general costs before you even attend the open, If you've taken the time to talk to your trades and gotten to know your product prices you'll be able to do your BOE numbers ( back of envelope ) with much more confidence.
Todd