Learn + research = success
I have tackled a range of properties over the years, in different locations. From houses to units to caravans, I’ve been able to make a profit by purchasing affordable property in the right suburb for the right price. My aim is to add value through effective renovation in the right areas, which nets me between $50k and $150k per project.
Ideas, inspiration and material are now more freely available on the internet. Overcoming your fear of failure is the only obstacle to starting out on your renovation journey!
Research is a big part of my renovation strategy.
It’s important to note there are significant differences in time, effort and money spent on the type and size of a project. Because we all have different comfort levels, you should devote a large amount of time to research:
- The type of property that best suits you to renovate.
- The size of the project you are willing to undertake.
- Whether the project is feasible.
- Who will be the buyer(s) you will be targeting.
- Whether the project will return a profit.
There are two critical elements that determine the profitability of every home renovation project. You need to:
1. Buy affordable property in the right suburb for the right price
2. Add value through effective renovation in the right areas
There are really no shortcuts here – you need to do your research. The good news is that there are many property research resources available online, along with many home renovation design ideas. And I reveal all the reno tips and tricks you need in my book.