When buying a house or looking at new real estate, most people will opt for the perfect looking house: the house with fresh paint, new floors etc, etc. However, “new” things cost a lot more money than old ones. Each imperfection reduces the value by a couple of pounds. But some people like a house with character, a house they can spend their life working on.
In recent years, people have been buying rundown properties to renovate and then flip for profit. It is a great way to make money – the kind of investment opportunity from which people who love interior can get great returns by starting their own property renovation business.
When we bought our house, the bathroom had mosaic tiles going from the floor to the ceiling and a quasi-granite countertop. The bathtub was next to the toilet bowl that really didn’t work so well. This is the first room that had to be knocked down and rebuilt. Property renovation costs can be high. But with the right design, right suppliers and contractors, anything is possible. I love showers, but my wife wanted a bathtub. So, we found an easy way to incorporate both without making the room look small. Also, I removed the mosaic tiles. They would have been a hassle to clean anyway. We created a space that fits a freestanding tub, a curbless shower, recessed-panel cabinets, engineered quarts countertops, beige tiling, an undermount sink and porcelain floor. The wall was stripped bare and painted beige which gives us options should we want to do further renos.
I love this room; it is the one room that has earned me praise for having “artistic flair”, prompting friend to ask for advice and encouraging me to explore that side of myself more and making a living out of it. But better still, it was a project that improved the value of our house. That was the start of my road to doing reno projects for profit. I loved fixing stuff, so making money off of that passion is icing on the cake.
In this business, buying the right property to flip is crucial for maximising profit. You should procure only the properties you can realistically work on without burning your savings. Remember, below market value property doesn’t necessarily mean absolute rubbish.
Because my talent rests more on the actual fixing of the property, I knew I needed help in knowing how to pick houses, buy low, and be able to sell or flip as soon as my reno projects were done. Luckily, there are a lot of property investing seminars or networking events available here, where you can learn the ropes. More importantly, many seminars and networking events are free like the ones in Property Mentor and We Buy Houses Community Meetup to name a few.
You may also choose paid courses (like Rick Otton’s Intensive course) since these will be more focused. Moreover, you usually get more resources in these paid events, like assorted contracts needed for buying or selling property.
It’s really up to you how you go about educating yourself in what you need to pursue this business. But the important thing is the resources to learn are there and anyone can acquire the knowledge to succeed in this industry. You just need to make the decision to get started.