Hotspace Blog

Slash Costs, Reduce Risk and Still make a Profit from your Renovation

Jane Eyles-Bennett - Thursday, March 01, 2012

Did the title grab you? Slash Costs, Reduce Risk and Still make a Profit from your Renovation? You bet! This is the title of my new eBook - COMING SOON (April hopefully). Here's a Sneak Peek... (Read More)

5 Steps to Reducing Your Debt and Replacing it With Wealth

Jane Eyles-Bennett - Thursday, February 09, 2012

Thanks to David Wright from Simply Budgets for providing the following '5 Steps to Reducing your Debt' information. For a copy of his '7 Powerful Secrets to Unlock the Wealth in your Life' eBook, link here to his website (there's a pop up window where you can fill in your details to have one emailed to you). (Read More)

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Renovating student accomodation

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Testimonials

Hotspace were so helpful, available, enthusiastic and totally committed..." I found Hotspace Consultants to be very effective, although I was a bit hesitant at first to work only via photographs, phone and e-mail. But the results proved the process.. more

 26 Allworth Street


$90,000 additional equity to use on the next investment - in just 2 months! Who said it's hard to make a profit from cosmetic renovations in this market? Yep, property purchased for $320,000. Renovation cost just under $20,000. Estimated revalution $430,000 (real estate agent estimate only at this stage). Rent increased from $300 up to $400 per week.
 
Jennifer Barclay bought this property in Northgate, Brisbane for the specific purpose of renovating to profit. Being a lower value property with a lower value renovation budget, Jennifer was adamant not to over-capitalise on her renovation. To ensure she renovated the property in the smartest, most cost effective way (that would give her the biggest bang for her buck and add the most value), she called on us here at Hotspace Consultants for our advice.
 
With a clear list of all the areas to renovate and things to do to her property (move the carport to the left, build the patio and screen and paint, landscape the garden, add the path, paint the house trims x colour, update the kitchen using x colours, replace the flooring with new tiles in x colour and size , paint the walls, update the lighting and replace vanity/splashback and screen in the bathroom + plenty of other advice), Jennifer was armed with everything she needed to get accurate pricing on her renovation up front PLUS she had a clear and specific plan for all her trades-people to follow when they were on site.

KEY FACTORS TO JENNIFERS SUCCESS:
** She researched her market and bought well to begin with
** She set a tight budget to make sure she didn't over-capitalise (aimed for 5% but spent just over 6% - still an excellent effort!)
** She took guidance from an expert (Hotspace) so she knew every dollar was being spent effectively

KEY FACTOR TO YOUR SUCCESS? Do what Jennifer did and call Hotspace.
 
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