Renovating your own home can be a great experience or a completely overwhelming one that breaks the bank. You want only the best for your primary place of residence which often leads to over capitalising. There are strategies you can use to ensure that you create a beautiful place to live without spending too much money.
In this episode, I am going back to basics and covering some of the core principles of renovating for profit. It is important to go over the foundation topics from time to time. This can be a reminder of how important it is to have a plan for your renovation projects and know which steps to take to ensure success.
For a step-by-step guide that covers your renovation project from inspiration to increased property value, listen to this episode. I cover all of the most important steps in making sure your renovation is successful while saving you money and preventing the mistake of over capitalising.
Watch the Episode on Video:
Episode Highlights
- [01:28] Why renovate your own home?
- [02:37] When renovating your family home the tendency to overspend is strong.
- [03:03] Is the family home an asset?
- [06:48] Get a local real estate agent to give you feedback.
- [09:03] What your renovated property will be worth?
- [09:08] Work out the value of the renovated property.
- [10:15] You can add 100,000 – 500,000 if you do the right renovation.
- [10:51] How much you’re willing to commit to the renovation?
- [11:48] Get full control over the design.
- [13:22] Maximize the potential of the home.
- [14:51] How to manage the scope of the reno with the builder?
- [23:51] Increase the value of your building insurance.
- [24:04] Get an appraisal from your agent.
I believe that when your focus is on creating beautiful homes for everyone else, you should start with your own. It seems a bit counterproductive, creating beautiful spaces for other families to live in and then going home to live in something that’s less than desirable.
