Most of the time we, renovators, have this dilemma to either do a cosmetic renovation or knockdown the property and rebuild. This situation is critical because it always involves numbers and we have to be more cautious about what actions to take in order to minimise risks. With that being said, I thought of giving you some tips on the aspects you need to consider before you proceed. 

Highlights:

• [00:01:12] How to replace your income with renovating
• [00:04:45] Renovate or rebuild?
• [00:05:24] We're all emotionally connected to our family homes
• [00:06:37] Is the existing building substantial?
• [00:07:07] What condition is the existing property in?
• [00:07:40] Identify what it is you really love
• [00:09:03] The impacts of your home on the property
• [00:09:47] Is the property sympathetic to the area?
• [00:10:32] The natural environment
• [00:11:10] Your decision might incur GST
• [00:12:06] Keep good records
• [00:12:45] Do the numbers with a quantity surveyor
• [00:13:26] Compare new building to newly renovated
• property
• [00:13:51] Find a builder who has a reputation of doing
• good work and cost-effective
• [00:15:04] Determine how emotionally attached you are to the property
• [00:16:08] Family home represents the bulk of wealth
• [00:17:35] The planning laws
• [00:17:59] Meet with a town planner
• [00:19:12] My trip to Adelaide
• [00:19:43] Echuca Project update

 

Resources: 

FREE Training: How To Replace Your Income With Renovating

www.theschoolofrenovating.com/theleap

She Renovates podcast

https://www.theschoolofrenovating.com/podcast

She Renovates on  iTunes 

https://podcasts.apple.com/au/podcast/she-renovates/id1452762885

Reno Bootcamp

https://members.theschoolofrenovating.com/bootcamp

She Renovates Facebook Group

https://www.facebook.com/groups/sherenovates

Related Podcast episodes: 

72 - The Do’s and Don’ts Of Leveraging Equity In Your Home To Build Wealth

https://bit.ly/3rywFNM

95 - "Robert Kiyosaki Was Wrong- Jay Harris” 

https://bit.ly/3ctZruK

113 - Reno Tips From The Block Winner – Chantelle Ford

https://bit.ly/3csROou

119 - The Relevance Of A Quantity Surveyor For Renovators

 https://bit.ly/2PE9J2y

Did this episode inspire you? If you have any thoughts or comments about the show, head over to She Renovates on iTunes and leave us a review. Also, don’t forget to subscribe, tune in, and share this podcast.

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