Hey Guys,
I am constantly looking at ways of improving my renovation process.
Ive found myself wondering lately- Could I do a lower overall standard of renovation and increase my profit margin?
What things do I not do in my renovation if I did want to reduce costs?
What other ways can I reduce costs?
What I have done to date and am doing with one property- Render, Roof Restore, Full new bathroom, new front door, landscaping, letterbox, carpets, painted, down lights, exhaust fan/heat lights, new door handles, light cover plates, venetians. (may have left some things off but reasonably high standard)
With my current renovation half way through I have allowed for alot of labour. Painting is being completely done by trades and had all sh*t jobs in overall preparation done by handyman. My budget is the same as the first reno at about 26k (11% of property purchase cost) but I have not had to do a kitchen and Ive cut costs in as many areas I thought possible cos this is a lower socio economic suburb then the first. (5k total last time inc benchs, cupboard and appliances).
I hear of people doing quick rejuvenations for 10k, I know all too well 10k doesnt go far. Id like to know exactly the break up of where they spend this 10k and if they are holding these properties.
The upside of the reno is CG and increased rental and desirability. I am beginning to think that my intended purpose for the property will dictate to what overall standard I renovate too.
Id love some thoughts and breakups here and hoping all of us renovators can pool together some good discussion.
Regards
QL
I am constantly looking at ways of improving my renovation process.
Ive found myself wondering lately- Could I do a lower overall standard of renovation and increase my profit margin?
What things do I not do in my renovation if I did want to reduce costs?
What other ways can I reduce costs?
What I have done to date and am doing with one property- Render, Roof Restore, Full new bathroom, new front door, landscaping, letterbox, carpets, painted, down lights, exhaust fan/heat lights, new door handles, light cover plates, venetians. (may have left some things off but reasonably high standard)
With my current renovation half way through I have allowed for alot of labour. Painting is being completely done by trades and had all sh*t jobs in overall preparation done by handyman. My budget is the same as the first reno at about 26k (11% of property purchase cost) but I have not had to do a kitchen and Ive cut costs in as many areas I thought possible cos this is a lower socio economic suburb then the first. (5k total last time inc benchs, cupboard and appliances).
I hear of people doing quick rejuvenations for 10k, I know all too well 10k doesnt go far. Id like to know exactly the break up of where they spend this 10k and if they are holding these properties.
The upside of the reno is CG and increased rental and desirability. I am beginning to think that my intended purpose for the property will dictate to what overall standard I renovate too.
Id love some thoughts and breakups here and hoping all of us renovators can pool together some good discussion.
Regards
QL