Renovating successfully in a way that sustains your interest and maximizes your chance to increase profit comes down to processes and strategies.
Knowing how to repeat a process is all about looking at how you carried out the renovation and then identifying what you did well, what other people in your team did, and keeping it as simple as possible.
In my latest podcast episode, Reece began getting educated as a renovator at 25; he decided upon a dual-income strategy based on a new build. He lived in the main home and rented out the room he had partitioned off at the back of the property. In the future, he may decide to rent out the house and the room. The flexibility within the dual-income strategy is something that Reece wanted to repeat to grow his wealth.
Reece not only completed the renovation, but he was also able to work with tradespeople and develop a team he could call upon again. His opportunities to participate in future joint ventures resulted from completing his renovation project.
Creating a repeatable strategy comes down to choices.
What products would you choose? Does it suit the property and your renovation strategy? You need to decide whether it will be a cosmetic or structural renovation, is what you plan to renovate within the property in keeping with the other homes in the area? What kind of style will you choose?
When you are renovating, your team is one you cultivate and keep around you. Having your finances done with a reliable broker, developing a solid relationship with a real estate agent to let you know when an off-market deal is available, all of these important relationships, along with your designers, builders, and tradespeople, add up to a repeatable strategy.
A repeatable strategy is something you can do with ease and confidence. Making decisions, seeing progress, and creating a win-win with the people in your renovation team will keep your momentum going.
You can listen to our latest podcast episode here:
This blog was written by the RARE team
Team RARE are passionate about renovations, interiors and
sharing our favourite DIY tips and tricks with our community.