Renovating is all about repairing, refreshing, reviving or altering a property to add more in perceived value than actual cost. Buying old, tired, unloved houses [ie: the real estate dumps] and converting them into real estate diamonds, is not only the second love affair of most Australians these days but a very realistic and achievable way to make lump sum cash profits that allow people to build wealth quickly.
You see, renovators are different to traditional property investors. Traditional property investors typically have the “buy, hold and wait for longer term capital growth” mindset. Professional renovators are more aggressive in their property investing pursuits. Renovators aren’t the type who will wait 2, 5 or 10 years in the hope of getting capital growth. They set out “now” to add immediate value to their properties either through a quick cosmetic or a more rigorous structural renovation. They add value within months, not years.
The fabulous thing is, if you’re intending to renovate your property as a rental investment, rest assured you’ll find a tenant faster, improve your rental return and can borrow against a new, improved value so you can go out and do it all again! This is how professional renovators do project after project.
Now let’s also not ignore the facts. Real estate is responsible for helping the richest people in the world amass their fortunes. These people have not built their property empires by being “average” investors. It’s also likely they invest in property with a proven system that enables their investments to work all of the time, not sometimes. The world’s most successful businesses work to a system, so should property investors. This is how you eliminate costly errors to ensure you make a gain at the end of it all. After all, profit is the name in the renovating game.
Unfortunately most people who invest in property, don’t take the time to invest in their own education. It’s this lack of education that limits most of us from becoming wealthy through property. What we don’t learn in school therefore needs to be learnt from reading books, attending seminars and by other means. It’s knowledge that will give you the ability to make informed decisions and buy property with confidence. Don’t get halfway through your first renovation project wondering where you went wrong. Get the right knowledge before you start!
Renovation is within the skill level of most Australians. It’s also the best grounding for you to transition yourself into more complex property development outcomes. The profits you make are a result of your actions not anyone else’s.
Lastly, only those that go through the renovation process can tell you the level of personal satisfaction and sense of accomplishment that renovating gives you. There’s something magic and fun about taking an old rundown house and transforming it into a desirable property that emotional buyers are competing with each other to buy. Give renovating a go and discover that same sentiment too. It’s the Australian thing to do!