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Guide to Finding the Right Renovation Property


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This week we added our ‘Guide to finding the Right Renovation Property’ to the Members Toolbox to help first time renovators through the selection process when they are looking to purchase their first renovation property.  To access the guide you will need to ‘Join our FREE Members Toolbox’ located on our home page.

Renovating isn’t for everyone, but I strongly recommend it to young people who are in their mid twenties, employed full time and don’t mind hard work. If you are a young tradesperson who wants to set themselves up financially, then you should consider purchasing a home that you can renovate whilst you live in it.  If this sounds like you, start saving for your first home loan deposit right away!

Before you decide to embark on a renovation project, be mindful that managing a renovation budget can be tricky for some people especially if they are not used to dealing with paying bills and tracking expenditure. The budgeting aspect of renovating is very important to get right because if it is not managed well you could very easily end up with a half renovated house and no money to finish the project. The same importance applies to estimating the project costs accurately at the beginning of the project and allowing enough contingency in the budget to cover unforseen costs.

When starting out choose a smaller scale project such as a 2 or 3 bedroom house in a good area rather than taking on a large scale project. Once you have made a decent profit out of renovating a property you won’t look back.  It does help if you have a versatile skill set when renovating or if there is more than one person involved in the renovation because you can distribute the tasks according to the strengths of the individuals involved.

If you are unsure of any of the rules or regulations along the way, talk to an experienced building industry professional for guidance to work through any challenges that you may face. Always be extremely mindful of the risks of working with asbestos in older homes.  Throughout your renovation project you will need to rely on a team of licensed professionals to carry out high risk work such as electrical wiring, plumbing and structural building work and if in any doubt, always check the Fair Trading website www.fairtrading.nsw.gov.au to find out more.

My advice to all of the young people out there who are handy and know how to manage a budget is to put your spare time (that you don’t realise you have) to good use before you get married and start a family!

Prior to marriage and kids, my husband and I took on the challenge of completing two full scale renovation projects and a further two brand new build projects whilst we were both in our mid twenties and working full time.  Through our own renovating & building experiences we know what can be achieved when you remain focused on the end goal. These days we have two young children to keep us busy and the pace of renovating and building in our household has dramatically slowed down over the years.  We wouldn’t swap our kids for anything but I’m always on the lookout for the next renovation or build project, but it’s more like window shopping these days 🙂

Build Local Team – Belinda

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September 30, 2013 |

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