We all know that life can be difficult and often unfair, but doesn’t it seem like some people make it their life’s work to make your life difficult? Typically the Interesting Info about commercial renovation costs.
Yes, we have been there. Every entrepreneur will encounter a brick wall in the form of a bright idea or a new invention. Despite their determination, ingenuity, and effort, most must admit defeat after a long and exhausting battle. There will be heartbreak sometimes, but the important thing is never to give up.
You can reach the pinnacle of success after working seven days a week, investing all your savings, and living, eating, and breathing a new business venture, only to have your dream snuffed out.
You are not by yourself. Every businessperson seems to have a war story to tell. Unfortunately, it happens far too frequently. It could have happened to you. However, following the proper guidelines, you can make substantial profits legally and quickly from home renovation. Home renovation has genuine financial benefits if you can afford a house or apartment.
You can make money even if you have to borrow a lot to buy the property that will be your first project. Indeed, if you are in debt, there is even more reason to do something other than plug away for 25, 30, 40, or even 50 years, eventually paying significantly more than the actual purchase price in volatile interest rates, bank fees, administration fees, and any other excuse your mortgagor can concoct to rip you off.
The sooner you can pay off your mortgage, the better. You may have to repeat the renovation process several times before you are debt-free. However, when the mortgage millstone is lifted from your shoulders, you will experience a sense of freedom like no other. Nothing beats the realization that you are on your way to true wealth.
It makes no difference who you are, what your qualifications are, whether English is your second language, whether you know anything about real estate, what city or town you live in, or whether you have one. It makes no difference whether you are black, white, yellow, or a variety of shades of those colors; as long as you are willing to read, comprehend, absorb, and apply the information on these pages, you will almost certainly make money. How can we be so sure?
This is a true story.
A young police officer in New Zealand knew that promotion almost always meant a transfer anywhere in the country. Fortunately, when his turn came, he jagged the idyllic holiday town of Nelson, where property values were set to skyrocket.
Nelson is located in Tasman Bay at the northern tip of the South Island, directly above significant earthquake fault lines. As a result, most of the town’s buildings are made of wood, which withstands the rocking and rolling motion of frequent earth tremors far better than permanent materials. Because of the town’s beautiful climate, breathtaking scenery, relaxed, carefree lifestyle, and proximity to many fantastic natural attractions, it is in high demand among retirees and those looking to own a piece of paradise.
All of this meant high house prices and a scarcity of stock in the real estate market in the late 1970s. Despite receiving an excellent price for his previous home, the police officer found himself unable to afford anything he and his wife desired unless they took out a second mortgage. His response? Begin a second job as a part-time home renovator.
They looked for a house with renovation potential after deciding on the suburb in which they wanted to live. The only place in their price range was essentially a vacation shack. It was difficult to fit four children into its small rooms. Almost immediately after taking possession, the young copper knocked down several walls to make more room and incorporated what had been an entry porch into the lounge area.
He and his wife added another room after getting quotes from three builders. Between shifts, the cop did all of the painting, wallpapering, and renovation work and installed a swimming pool around which he built a large wooden deck.
When the policeman’s family sold the house four years later to relocate across Tasman, they received twice what we had paid for it!
Unfortunately, a few years later, having walked away from a failed marriage with only a 12-year-old car and the clothes on his back, the same man met a beautiful lady also going through an acrimonious divorce. When that was settled, she received half the average suburban home’s sale price and some very worn furniture. The former New Zealand police officer, for his part, had willingly bequeathed his share of the former home to his ex on the condition that she let him get on with his life.
Although his new wife had any savings, they were both willing to work and start over.
Their first renovation project entailed taking out a large mortgage over 25 years. They had no intention of selling the house, and their only goal was to build a home together and pay off the mortgage as quickly as their combined incomes would allow.
Despite their lack of knowledge about real estate, they were fortunate in that they purchased a property with potential and close to transportation and amenities. They, like most people, couldn’t afford the type of home they wanted, so they set about improving it themselves and raising it to their desired standard.
They thought a second bathroom would add value to the house and make their lives easier because they had a teenage daughter living at home. In addition, the man’s new wife was accustomed to the luxury of a swimming pool. Despite the additional financial burden, they decided to install a pool because it meant a better chance of keeping a troublesome teenager at home where they could keep an eye on her and her friends.
It turned out to be a wise decision. When they decided to sell the house a year or so later, the swimming pool increased the value significantly.
The original owner of the house, a practicing watchmaker, had included a workroom adjacent to the main bedroom. With no need for this facility, the couple quickly realized how easily this room could be converted to an en-suite. Even tho neither partner had tiled before; they decided to learn on the job with the confidence of people who had tackled far more complex tasks.
They soon got into the swing of it, despite the copious cursing. Naturally, rules and regulations dictated that they commission a plumber and drain layer to make the necessary plumbing and sewer connections; still, they even managed to save substantially by digging the trench for the waste pipes, a back-breaking task!
They saved even more money by scouring salvage yards for a near-new washbasin, toilet pan, and cistern and purchasing factory seconds for a few dollars.
This project was completed in weeks for a fraction of the cost that a professional would have charged. This one addition increased the value of their home by thousands of dollars, not to mention the enjoyment they received from having an en-suite bathroom with access to the newly installed swimming pool.
Before you ask, no, they did not dig the hole or lay the brick paving around the pool. Due to the tricky curves of the kidney-shaped below-ground fiberglass pool, the latter task was deemed beyond their tools and expertise.
After finishing the en-suite and installing the pool, they had the bright idea of converting a freestanding brick garage into a self-contained flat and renting it out to help pay the mortgage. However, the structure was unnecessary for them because our house already had a double, lock-up garage under the main roof.
“Would the council bureaucrats permit the conversion?” was the big question for the couple.
There could only be one answer.
The couple approached the local council with carefully drawn plans showing the main dwelling, the separate garage, and a proposed floor plan for the new flat. The engineering department’s pasty-faced, bespectacled young man looked at the words “proposed granny flat” printed neatly beneath their drawings, and a look of horror took over his countenance. ‘We can’t allow that,’ he exclaimed, stunned.
‘What’s the harm?’The ex-cop countered naively, though the couple was unsurprised. Both had extensive dealings with public servants of all shapes, sizes, and governmental affiliations and knew how to keep their cool, dismissing it as mere semantics. Instead, change the wording, tinker with a few lines, and give examples of real or imagined cases where they were (allegedly) approved and knew their plans would be approved eventually.
The official and the ex-policeman had a conversation that went something like this:
Planning Officer: According to the regulations, self-contained flats must be part of the main dwelling.
Ex-copper: How about I connect a wall across the gap between the two buildings? Would that suffice?
This was met with a look of complete dismay. ‘No! Granny flats must be located beneath the main roof of the main dwelling.’
Ex-copper: What if I don’t call it a granny flat? Would it be acceptable to call it a “facility room” whose purpose is to provide outside showering, toilet, and kitchen facilities for entertainment purposes when the pool is in use?
The young man immediately brightened at this suggestion, his worry lines disappearing. ‘That is acceptable, but it cannot be called a granny flat or be used for residential purposes.’
In your dreams, my friend! The would-be renovator was about to respond but instead said, ‘No, no. Not.’
After completing the partitioning to create a kitchenette, bathroom, and bed-sitting room, the couple lined the interior of the single brick walls. Next, it installed plasterboard on the underside of the roof trusses to form a ceiling. Next, they removed the roller door from the front of the garage and replaced it with an aluminum floor-to-ceiling window. Finally, they painted and furnished the “facility room” together, using newly acquired skills to tile the bathroom and toilet.
The building inspector from the council arrived on time and approved the improvements without comment. When it came time to sell the house, they could state unequivocally that the converted garage had received council approval. What the new owners did with the self-contained, freestanding brick room was their concern, and the local council was no longer interested.
Despite only living there for about two years, the couple could sell the house for much more than they paid, thanks to all the improvements they made.
They’ve repeated the process several times since then, climbing higher on the ladder to wealth and financial security.
Of course, not everyone has the skills to tackle tasks that fall under the purview of various tradespeople and would instead outsource renovation work.
Even if the reader takes the latter route, they can profit significantly from home improvement. Profits, on the other hand, will be directly proportional to the amount one does for oneself.
The most important thing to remember here is that you can learn on the job, and there are many Tertiary and Further Education (TAFE) courses, handyman workshops, and DIY books to which you can turn for advice on any topic.
Many people may have acquired skills due to financial necessity when they first married. When one has little money, it is often necessary to obtain what one requires by the cheapest means possible. For many, it means learning to make something rather than buying it. This is not always a bad thing. Learning how to lay concrete paths, build fences, paint and landscape, and build sheds and pergolas, among other things, is extremely rewarding.
You can achieve minor miracles and have a lot of fun by adopting a “can do” attitude and refusing to use the excuse of not being a handy person that so many people use today. Remember, you CAN do it with the will and a little common sense.
So, where do you begin?
You begin by determining which suburbs will provide the best return on investment.
What makes some areas appealing while others remain stagnant? The following are significant detractors for prospective buyers:
1. Poor public transportation.
As gas prices rise, fewer people drive the family car, especially if they commute to work. And while many people will continue to prefer private transportation regardless of the cost, it is reassuring to know that public transportation is a viable option if they choose or are forced to use it.
2. High crime rates, graffiti vandalism, and “hoon” behavior.
We all want to feel safe from the worst aspects of human behavior. Nothing depreciates property values faster than the fear (real or imagined) of becoming a target of society’s ratbags.
3. Nearness to government housing.
Unfortunately, while many responsible and hardworking people require government housing, statistics show more crime in and around public and rental properties than privately owned homes. In recent years, some state governments have abandoned large enclaves of public housing in favor of a policy of interspersing government rental housing among privately owned dwellings. It doesn’t take much detective work to determine if such houses are near your proposed renovation project. While the current tenants may be decent, responsible people, the situation can change overnight.
4. Distance from recreational facilities, employment, medical services, schools, and educational institutions is excessive.
5. A scarcity of parks and public open spaces.
6. In a busy airport’s flight path.
7. Narrow streets with little or no landscaping and small or non-existent backyards.
Although many families today do not want the responsibility of maintaining extensive gardens, no one wants to feel confined. High-density living is acceptable only if it does not infringe on one’s personal space and privacy; otherwise, we risk fomenting social problems, losing a sense of well-being, and jeopardizing one’s mental health.
8. There are many “battlers” in the neighborhood.
This will reflect on property owners’ willingness and financial ability to improve their immediate surroundings, leading to “nappy alley” type suburbs.
9. A disproportionate number of people from a single demographic.
The happiest and most desirable neighborhoods are always those with a diverse population of people of all ages. This way, elderly or retired people can stay home and “keep an eye on things” while others work. Similarly, the elderly are not isolated or marginalized as they are in some older suburbs where everyone appears to be in “God’s Waiting Room.”
Aside from the opposite of many of the above detractors, some of the characteristics that will make areas appealing to potential buyers will be:
– Suburbs of coastal towns and cities along the coast.
– Suburbs or streets within suburbs with beautiful views.
– Areas where landscaping and street design have been carefully considered.
– Estates with “exclusive” security patrols regularly.
– Anywhere where the owners take pride in their gardens and homes.
– Estates that have restrictive covenants that are enforced. Nothing detracts from property values faster than broken down vehicles or trucks, caravans or trailers parked on front lawns, open garbage cans, unkempt gardens, unsightly air conditioners, television aerials, satellite dishes, or anything else that detracts from the neighborhood’s aesthetics.
– Suburbs that are well-kept by the local government. Let’s face it: not every suburb receives the same level of care and consideration from local governments, and some municipalities provide better service to ratepayers than others. Potholes, weedy verges, brown dried-up parks, a poor or non-existent graffiti removal policy, or a lack of footpaths or recreational facilities all hurt property values.
– Universities in the suburbs.
– Suburbs with at least one reputable private secondary school.
Naturally, the more ticks a suburb earns, the higher the property values, so you may have to compromise on some aspects to find a project that fits your budget. Nonetheless, the astute investor should seek the best value for money, and there are some excellent bargains to be found that will produce surprisingly good returns. However, do not make your decision based on emotion. This is purely a business proposition, and you should strive to meet the needs of the most significant number of buyers rather than what appeals to you.
Finally, when deciding where to buy, never buy without knowing who your neighbors are. I’ll repeat it because it’s worth emphasizing. Never purchase unless you know who your neighbors are.
A little time spent knocking on doors around your chosen property and asking discrete questions could save you heartache and money in the long run. Even the most meticulously maintained home could house a drug laboratory or people who otherwise make life unbearable.
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