I'm loving listening to podcasts on all sorts of topics - especially interviews with business and property 'people'!
This time it's me being interviewed about Renovating to Profit, so jump over to the Everyday Property Investing website for a listen.
You can listen to it now or download it for your later listening pleasure! Enjoy. (Read More)
I'm loving listening to podcasts on all sorts of topics - especially interviews with business and property 'people'!
Your Renovation Game Plan05-Oct-2012
If you're looking to make big bucks through renovations, you need a definitive and water-tight plan to ensure your project delivers the profit you want. With this in mind, Your Investment Property and renovation expert Jane Eyles-Bennett of Hotspace teamed up to bring you your ultimate renovation action plan.
Nailing Renovations - Part one08-Sep-2012
For investors, picking the right suburb and property is more important now than ever before – and particularly for those who have penciled in a renovation as part of their investment strategy. Click the image to read the whole article.
Bathroom Renovations - How to Add Value31-Aug-2012
Although one of the smallest rooms in a house, the bathroom can be one of the most expensive to renovate. As a property investor, you can more effectively renovate your bathroom for profit by aiming for an even balance of the following 3 main factors: Good Looks, Practicality of fixtures and surfaces and Cost.
Depending on your property, the emphasis on each of these components will vary. For instance, if you’re renovating a lower value property and planning to rent it out to students or young families, you would give more emphasis to the practicality and less emphasis on good looks and cost. However, if it’s a higher value property that you are selling immediately your renovation is complete, then you might put more emphasis on good looks and cost but less emphasis on practicality.
Design principle proof in the pudding09-Aug-2012
Some properties just have the x factor don't they? Whether designed by an architect or an interior designer or by someone who just has a 'knack' for it, a property with the right look is most likely sold or rented faster and for a higher dollar amount than other comparable properties in the area...
Cooking up Value with Kitchen Renovations04-Jul-2012
A kitchen is the centrepiece for the interior of most properties and one of the most critical areas to get right when you renovate. It’s also the room you’re most likely to over-capitalise on as you renovate your property.
When renovating for profit, it’s critical to get the balance between good looks, practicality and cost, spot on. If even one these is out of whack, then your kitchen is not serving its purpose to you, it’s owner. Either, it doesn’t value up as you would expect or it is impractical and not hardy enough for tenants or future occupiers or it’s simply too expensive – or worse a combination of these!
Performing profitability analysis is key to knowing just how much profit there is in a potential deal. This not only helps investors compare different deals but it also makes it easier to analyse different variations within the same deal. For example should you renovate it and resell, renovate and subdivide and then resell, knock down and develop, or renovate and develop in the back? There are many options. But it all comes down to being able to calculate the profitability of each option and look at a profit figure based on how long it takes to do that strategy.
How long should my Renovation take?28-May-2012
Spending too long on renovating an investment property can take you into the land of over-capitalising. Often, we only compare the cost of the renovation with the increased property value to work out our profit. However, there are other costs incurred along the way. Mortgage repayments being the big one.
Renovate Your Property to Sell05-Apr-2012
Renovating a property to sell is a very different proposition compared to renovating to live in yourself or rent out to tenants. The main differences revolve around the actual changes you should be making to the property such as; areas you renovate, products and materials you use and the other is the amount of money you will spend on making those changes.
How much should you Spend?04-Mar-2012
Knowing how much to spend on your renovation can make the difference between making money from it or not.
Spending too much on renovating an investment property is an all-too-common problem that leads to over-capitalising and reducing the profit you make. Or worse losing money.
There’s a knack to renovating investment properties – and it’s a very different kind of knack you might use for renovating your own home. If you’re looking to add value to your property or increase the yield you receive, then your kitchen is a critically important part of your renovation to get just right. Depending on what you’re planning to do with your investment property, there are dozens of great strategies for upgrading your kitchen – from a $500 ‘trick up’ to a full on kitchen reno.
Areas for adding the most value12-Jan-2012
Deciding where to spend your money when renovating an investment property is one of the most important decisions you'll make as a property investor. Typically, people tend to renovate the kitchen and bathroom and this is usually a wise thing to do. However, there are three main factors to consider before confirming that these are the right areas to spend your money on.
The Numbers Game19-Dec-2011
Renovating your investment property – or any property for that matter - is an exciting and fun experience. You’ve no doubt watched the home make-over shows and read about other peoples success stories in magazines and been inspired yourself. If you are considering a renovation you’ve probably started by thinking about ideas for your kitchen, bathroom, exterior, lighting, flooring etc… and looking at the products and colours you could pull together to create a more modern looking property.
It's no secret that the number one trick for a successful investment property renovation is to remain unemotional. I say this over and over to my clients (who take it on board in varying degrees!). The only thing you need to worry about to carry out a successful renovation is whether 'the numbers' stack up....more...
Choosing a property to renovate23-Oct-2011
The current state of the property market has stopped many people, especially investors, in their tracks. Since many investors rely solely on capital growth, now is not a pretty time for them.If you are willing to step outside of the box of ‘what everyone else is doing’, now is the BEST time to be picking up a bargain or using your existing properties to carry out a renovation and make money that way. The trick however is in selecting the right property to renovate.
Renovating student accomodation06-Sep-2011
Renovating property to suit students specifically is a task that if done expertly, will reap an investor real long term gain. Different to renovating a property for sale, or even a property to rent to a ‘standard’ tenant or family, student accommodation design must be, more than anything – practical. Practicality does not have to be boring however, and designed well a student house or flat will reward you with a higher (and consistent) rental income.
Styling your Property for Maximum Sale Price16-Aug-2011
Enlisting an expert to stage your investment property can pay dividends for vendors, especially in a tough selling market. Sarah Megginson reveals top styling tips and tricks to help you achieve a premium sale price.
The Secret to Adding Value01-Jul-2011
There are many things to consider when undertaking a renovation, but most important is to distribute the money specifically and appropriately throughout the property - and making sure the renovation stays on track, writes Jane Eyles-Bennett. Firstly, if you are considering renovating in the near future...
Cooking the rebuild books09-Jun-2011
Low cost renovations can give a high return when a home is sold or rented. The trick is getting maximum impact for your money. When renovating for profit rather than enjoyment it is critical to get the kitchen right, says interior designer Jane Eyles-Bennett. You need a balance between spending the appropriate amount, renovating for the right audience and to suit the location, and modernising as much as you can within these parametres.
Dressed to Impress - Courier Mail23-May-2011
You pull into the driveway after a stressful shift at work and the sight of broken front steps, peeling paint and a lawn that looks like its just hosted the national mud-wrestling titles greets your arrival...
Renovating on a Shoe String02-May-2011
People who think design ideas for their house or unit are out of their budget may be surprised to find out how accessible it can be, according to the director of a new interior design consultancy in Noosa. After establishing an interior design company for shoe-string budgets in New Zealand...
Hotspace Reno article - Coolum, QLD16-Mar-2011
Best foot forward: Maximising return when preparing property for sale08-Feb-2011
In the current property market 'quick flicks' or 'buy, do up and sell' projects are hot. It's a tight business that can easily turn bad for so many reasons. Experienced and inexperienced investors are jumping on the bandwagon and know their number one priority...
How much value will a Car Park add to your property?27-Jan-2010
Car parking is an interesting element when selling or renting a property.
Times of looking for a property only through the paper have changed, majority of people these days start their search online and love the flexibility of being able to set up alerts and notifications so that they get told when a property that meets their search criteria becomes available in the market place.
Purchasers can first narrow down the number of potential properties that they are interested in through use of criteria such as: location, price, property type, number of bedrooms, number of bathrooms, land size, car parking, etc.
Depreciation for Renovations28-Aug-2009
When purchasing an older investment property, many investors decide to renovate the property after settlement. Investors can often claim thousands of dollars in deductions when renovations are done. The following case study highlights how it worked for one investor.
Jim purchased a 60 year old 3 bedroom townhouse in Paddington. In its pre-renovation condition, the house contained carpet, vinyl, blinds, an air conditioner, old stove, hot water service and light fittings...
Renovating to Sell01-May-2009
Renovating a property to sell is in a different league altogether than renovating to rent out or live in yourself. So it’s important to know the differences if you are an investor hoping to make a profit for your efforts.
When a quick flick does the trick01-Sep-2007
When a quick flick does the trick. Rapid-fire buying and selling can be a profitable property strategy, but keep your costs under control. Quick flicks are part of our home owning and investing folklore. Doing up a house and moving on has put many a person on the path to wealth
Dress for Success15-Aug-2007
'Quick flicks' or buy, do up, and sell projects are hot in the current property market. It's a tight business that can easily turn bad for so many reasons. Experienced and inexperienced traders and investors everywhere are jumping on the band wagon
Turning good design principles into good profit01-May-2007
As a property investor, you've probably come across properties that have a certain flair or 'look' about them. They seem to have the designers touch somehow and you know that because of that, the property is no doubt worth more than other properties for sale or rent in the same area..