• Renovating for profit

     


    Useful tips on renovating for profit for first time renovators with architect Cameron Frazer.

    Transcript:

    We're about to meet a first-time renovator. And the result she's achieved on this old Edwardian, you won't believe.

    Julia, you're a first-time renovator.  What inspired you to renovate your home?

    We purchased the home 10 years ago, and lived in it as it was, and then made the decision to renovate about three years ago.

    So we designed the space, went to an architect, and they were very kind and drew it up.

    I think communication with your builder is absolutely paramount. We did have a few challenges that popped up during the renovation, but because of that great relationship, we were able to overcome them together.  And we ended up moving in right on time and enjoying the new home.

    So how important was it that you'd lived in the home for a while before you started renovating?

    It was actually really important.  We really wanted to get a feel for the house because then that would guide us in what we could later do.  Living here made us want to maintain the integrity of the property, so we did keep a lot of the period features.

    What was the ultimate aim of renovating for you?

    We really did want to renovate for profit, so we were excited to jump in the deep end, give it our all, and then see what we could get.

    Research is so important. That should be the first thing that you do, even when you're just considering renovating.  Research, research, research, and  you can't go wrong.  You can use great apps like Pinterest.  Grab a whole bunch of images that you like the look of, and that will really help you fine-tune the direction you want to go in.

    You're a first-time renovator.  You are going to become a second time renovator, which is fantastic.  What do you think you will do differently second time around?

    In this particular renovation we chose to keep all of our fixtures and fittings quite neutral so that the new buyers could come in and really manipulate the house and turn it into whatever home they wanted.  But I think in the next renovation, if even if we are just renovating for profit again, we may be a little braver in our design.  We'll mix up our materials a little bit more and maybe take on something a little larger, a bit more challenging.  

    We feel that we learnt so much along the way that we'll be able to take into the next renovation.  Make it even bigger, even better, and more exciting.

    As a first-time renovator, Julia has delivered a beautiful home, a fantastic profit and she's keen to do it all again.

    I can't wait to see the next one.

     

    About the author

    • Cameron Frazer

      Cameron Frazer from Archicentre is on hand to help avoid thousands of dollars on costly repairs that can turn that dream home into a nightmare. As our resident architect, Cameron, will show buyers what to look for and the questions to ask when purchasing a property, and how to get the right professional help for your renovation or building project.

      With over 20 years of experience in design, construction, project management and sustainability, Cameron has led significant architectural projects in the private and public sectors. He will also look at how to assess a property, consider the potential renovation costs and how to best unlock future capital growth.

      Cameron Frazer
     

  • Like to know more?

    Find your local RAMS Home Loan Centre

  • Disclaimer:

    The information here is of a general nature only and is not intended to constitute financial or tax advice. You should consult your professional adviser, accountant or taxation expert for advice specific to your personal circumstances.

    The views and opinions expressed in this article are those of the author alone and do not necessarily represent the views or opinions of RAMS Financial Group Pty Ltd ABN 30 105 207 538 (RAMS),  Westpac Banking Corporation ABN 33 007 457 141 (Westpac) or their related bodies corporate. This article is strictly for information purposes only and neither RAMS, Westpac nor any of their related bodies corporate make any representation as to the accuracy or completeness of the information in this article or endorse the views expressed in it.