5 Pros Of Property Renovation As A Wealth Creation Strategy
Have you considered using choosing property renovation as wealth creation strategy? Naomi Findlay says that there are 5 advantages you should know.
Hello, and welcome!
It’s Naomi Findlay here, Australia’s Rapid Renovation Guru. I’m so excited to be here with you. Because today, I’m going to be sharing with you the top advantages of renovating for profit.
Renovating to create profit and renovating to make money has been highly popularized in the media. So many Australians are absolutely in love with renovating to make money and I can absolutely understand why. Now I need to put a caveat in there, but it’s not everybody’s cup of tea.
It is hard work, it takes time, the right tools, team, and formula.
It cannot only be a great way to financial freedom, it can also offer cool advantages. Renovating in a short time period—buying, renovating, and selling or revaluing to have it leased out—can have advantages over some of the other property strategies. So today, I’m going to go through those strategies with you.
1. MARKET STABILITY
Generally speaking—unless there’s some outrageous downturn or upturn in the market in a really short period of time—you can pretty much guarantee that the market that you’re buying is going to be very similar to the market that you’re going to be selling in. So when you’re completing all of your research of comparable properties, the possible post-renovation value of your property, you don’t have to factor in any massive market changes into your calculations. So for me, that’s wonderful, because it keeps it super simple.
2. THE GIFT OF CREATION
Second big advantage to buying, renovating, and selling, and one that I particularly love is the gift of creation. This is actually the reason why I think so many Australians have fallen in love with renovating and also making money from renovating. One of the things that so many Australians love—and I’m included in that—is the ability to pull something apart and to put it back together to look better, function better, is worth more money, and offers a great experience along the process.
So that’s my 2nd huge advantage to renovating after you bought just before you sell in a really quick time period. I need to put the caveat in there, when I say that I love rapid renovation, I also love flexibility. Being a mother of 4, I don’t always have time to “rapid”. Sometimes, the only “rapid” that goes on in my life is some stuff that happens at home every morning before we get out for school. Being reassured that it doesn’t always have to be a quick turnaround, but it is something that I do love.
My 3rd big advantage of buying, renovating, and selling, is all about camaraderie. I see a renovation project as a little bit of an incubator for wonderful relationships. Many people have heard me talk before about my love of my team, trades, and consultants.
For me, they are absolutely part of my family, and it’s the high pressure, rewarding, and—I guess—seamless way that you have to work, when you’re working on a renovation project that creates some unusual, exciting, and rewarding bonds between the people working on it. So for me, that’s one of the most rewarding parts.
My team that I have working on my projects with me actually end up being part of my family, and I’m thrilled to have them as part of my family. So that’s my 3rd huge advantage for renovating to make money.
4. PROFIT PACE
My 4th one—really, this is attached to the fact that I’m quite fast-paced. I’m a bit of an action girl— that is, I love the fact that when I’m renovating to create profit—when I’m buying, renovating, and selling—it’s generally speaking quite a controlled time frame. I get that instant gratification in regard to property as I’m not sitting and waiting for 18 months or 2 years for a development site I may have started to work on. I can, generally speaking, see amazing results and actually have a property from a buy or the way to sell within 8 weeks, even with a partial construction renovation. So for me, that’s an absolute plus and I love that part of what I do.
5. FINANCIAL FREEDOM
The last one which can’t be forgotten, is the fact that one of the things that renovating for a profit, making money, or return of investment does is it takes me, my clients, and my students, one step closer to financial freedom.
So I’ve shared with you today my 5 top tips for why renovating to make money or renovating for a profit could be one of the best strategies you could use in the property market to set yourself up for financial freedom, for wealth, regardless of what that wealth might look like for you. Whether it’s financial wealth, lifestyle wealth, or health wealth, there’s some amazing advantages. The 5 that I’ve shared with you today are my top 5 advantages in regards to renovating to make money.
Thank you so much for listening today, I can’t wait to be with you again soon in another newsletter to download more of my top tips. Thank you for listening guys. Bye.