Folks,
I am interested in the perspective of the experienced, expert or "old hat" renovators on this forum with this question;
If you were right at the start, contemplating your first renovation, but knowing what you know now, where would you start?
- You only have less than $100k start-up funding
- Don't know much about the practical side of renovating but you "get" the concepts.
- You have a very strict financial and project management discipline
I am interested in this kind of stuff;
1. Would you not do it at all? (aka "Renovation is too hard mate, this game will chew you up and spit you out!")
2. If proceeding, what type of project would you target? (Unit, House. What type of area)
3. What type of return would you expect? (Zero because it is you first go? 10-15% CG. Yield uplift)
4. Would you do most/all yourself and learn? Or would you get someone else to do the lot? Perhaps get someone else to project manage the whole thing?
Why am I asking for your perspective? I value it and I am heavily evaluating renovation as a buy, hold and create equity strategy for myself. So these are some of the basic questions I am asking myself before I go much further. Currently a buy and hold vanilla investor, I am evaluating other strategies as well.
Ta,
EV
I am interested in the perspective of the experienced, expert or "old hat" renovators on this forum with this question;
If you were right at the start, contemplating your first renovation, but knowing what you know now, where would you start?
- You only have less than $100k start-up funding
- Don't know much about the practical side of renovating but you "get" the concepts.
- You have a very strict financial and project management discipline
I am interested in this kind of stuff;
1. Would you not do it at all? (aka "Renovation is too hard mate, this game will chew you up and spit you out!")
2. If proceeding, what type of project would you target? (Unit, House. What type of area)
3. What type of return would you expect? (Zero because it is you first go? 10-15% CG. Yield uplift)
4. Would you do most/all yourself and learn? Or would you get someone else to do the lot? Perhaps get someone else to project manage the whole thing?
Why am I asking for your perspective? I value it and I am heavily evaluating renovation as a buy, hold and create equity strategy for myself. So these are some of the basic questions I am asking myself before I go much further. Currently a buy and hold vanilla investor, I am evaluating other strategies as well.
Ta,
EV