Part 2 – Take Action | Our Roadmap to Quitting Your Day Job.
As we settle into the year, what we think and plan for comes down to what we are willing to do. Simple? That depends. We are hard wired to detect perceived stumbling blocks or danger in new situations.
As our thoughts around taking action gain more importance, taking that leap of faith is what will really crystalise our goals into actions.
Renovating is still one of the hottest topics of discussion around the country, at work, home amongst family and friends. You might even know people that have decided to renovate and feel a sense of unease or that you are missing out.
What is the real difference between those that think about it and those who take action? They are clear on their why and not distracted or confused. They use this as a big motivator to set up some goals and timelines to just take those first steps.
As you examine the risks, the potential rewards and the profits, you can still involve your partner or spouse even if their tolerance for risk is different to yours. Start before you feel ready, and replace your caution with growing capability.
Starting with your own home is perfect! Act as if you are going to add value to your home in order to sell it. Involve your partner and children too so they can see the incremental improvements as you all go along. Everyone is included and bonding around a shared goal.
This is a solid strategy to increase the value of your home as well as grabbing more equity to continue renovating.
The 3 wins are;
- Your home will feel nice
- Improve your skills – your family may become your new team of tradies!
- Your property increases in value sooner than a long term buy and hold investment
Assessing the risk in relation to the price of property is counter intuitive. Most people believe the perceived risk in renovating a property valued at $100k is lower than renovating a property worth $900k.
But is that true?
More can potentially go wrong with a property of lower value and many factors could contribute to this. So knowing what to consider and how to carry out due diligence, could stop you from over capitalising. When you find that middle ground, you can invest in a property that delivers the profit to create more financial choices in your life.
If there is one mental chain to break free from, it is the ‘I must do this before I can start’ excuse. This is a form of procrastination dressed up as a distraction! I have to do an interior design course before I start my renovation. No you don’t. Information gathering gives your brain the false signal of comfort. Comfort can give way to stagnation.
Karen, one of our students, took that leap of faith renovating mostly on her own. She began, kept going, room by room, bit by bit. She sent a text saying ‘Belinda, I’ve never felt more fulfilled, I should have done this a long time ago!’. You can listen to Karen’s story here.
The point is she started, she took action and it has changed her life.
Begin imperfectly where you are right now. You’ve got this.
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.