Home Renovation – Not For the Faint Hearted
After doing over ten home renovations I can now claim to be somewhat of an expert in home renovations. My idea was an easy one as I planned to buy renovate sell for profit and then keep repeating. I must say at first it was a bit confusing for my bank manager to understand my business model and sometimes you need to look at brokers to find you the better deals especially when bank managers seem a little bit concerned with what you were doing.
But I had it worked out beautifully. I would hunt for houses not just any houses they had to meet a criteria of being able to increase the value of it through either renovation or by adding another room, I got really good at both of these things.
I would do a drive by around the neighbourhood that I wanted to buy into. There were usually give away signs that people were not there and had left through divorce or death. To me these properties were like diamonds as they had not been advertised and were in a bad way run down, yards a mess. If indeed anyone was shown through they would leave as quickly as they came through the door as they would see too much work.
The more run down the less people that were interested the more buying power it game me. I would normally go in with a ridiculously low offer and 9 times out of 10 I would walk away with a bargain. When I got the house I had already worked out a plan of attack as time is money, I would make quick notes on what was to be done. In this case it was a home that just needed a face lift and freshens up the kitchen.
Here is what I did:
• I repainted the entire cupboard fronts with Knights paints (neutral colour) I replaced the old sink and taps and painted the old tiles which were just old they were not chipped. I painted this with Knights tile paint directions are on the can. I replaced the old dishwasher with a newer more modern one. All of the materials I sourced on the internet, some were on a local site that were selling older model taps
• Replaced all handles on the doors to give a nice modern look
• Pulled back lino to reveal a beautiful looking wood floor which would come up fantastic with a little TLC
• I painted the ceiling white and an off white colour for the walls replaced light fittings in and around the kitchen.
• A bit of elbow grease went into cleaning 25 years of filth from the windows and cheap curtains
This was the only room that needed revamping as the bathroom had been remodelled only 2years previously. The whole look of the room now looked fantastic. We spent the remainder of the next 2 weekends cleaning up the front and back of the property, trimming branches, weeding and mulching old flower beds.
We then put only a few plants in the beds and then put up a for sale sign. We never use agents when we do this as the house if it is in the right area people will just buy it and presentation is everything when a car drives past if the property looks neat and tidy they will come in to look. Be prepared for a lot of neighbours checking out inside, but this is good as they will tell others and who knows they may even buy the house for themselves.
The total of the minor renovation was $3,500 remembering that we made money first by buying at a good price and we ended up with $30,000 clear profit in our pockets. There are many diamonds out there you just need to know where to look!