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Recently I talked about how to create a renovation timeline and stick to it. Now I want to talk about the money side of things.

If you’re already at the “pick up the tools and go” stage, you would have a pretty detailed budget in place already. If you don’t have a budget set out, please don’t jump the gun and start knocking down walls. Instead, take a look at my previous post on four ways to work out your renovation costs first.

Now that you have your budget all worked out, how are you going to filter in any changes? What if it turns out you need to replace the old piping because it is rusting? Or perhaps you decide to extend the splashback to the ceiling – where will the money come from and how will it fit in with the rest of your budget?

All of these are questions you might come across as you get further and further into your renovating project.

So you have to know how to stick to your budget, but be flexible at the same time.

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I’m a believer in goal setting all around. But the really important thing that I wanted to talk to you about today is the three very important tips that I use when I’m setting goals around my property and my renovations.

The three things that I always consider when I’m goal setting around my renovation is I always make sure, number one, that whatever I’m setting is aligned with my overall strategy. I don’t like just to have goals that are based maybe on a new fad or a new publication that’s come out. I like to make sure that they’re based and perfectly aligned with the strategy that I’m using to govern my renovation business. That’s tip number one.

Tip number two, I always make sure that they’re time bound. I always make sure that not only are they practical and relatively achievable, but I also make sure that they’re within a time period that’s going to push me a little. Remember, if you’re feeling comfortable and you’re inside your comfort zone, then you’re not pushing yourself far enough.

Tip number three – and this is my most important one – is I never try and eat a big, hairy frog all on its own. I always make sure that my goals are broken down.

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You’ve completed the hard yards; you have enough research to fill a library, and your budget estimates would make your old math teacher proud.

You finally have your perfect property. You’ve nailed down what your renovations are going to be. The shabby old bathroom is getting an update – those 60’s tiles are due for retirement, and the green accents are shudder-worthy. The back veranda is also getting makeover – from old-granny-on-the-rocking-chair to modern outdoor family space, complete with bi-fold doors for added flexibility when entertaining.

And to finish it all off, you already know the exact natural elements and finishes you’ll be putting in that will be simple irresistible for all the Tom, Dick and Joes in your target market.

Now, it’s renovation time!

So, how long are all of these tweaks and upgrades going to take? Which tradies are you calling in first? What’s your back-up plan if the plumber isn’t available that week? Is your intricately woven renovation plan going to start unravelling if the tile delivery is late?

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I want to talk to you about one of the challenges that so many renovators have experienced over the years. That is knowing what paint to put on top of what surface.

We all know that some paints – some oil bases can’t go over water bases, some water bases can’t go over oil base. Especially when it comes to older homes, to our doors and our trims and our sills, we find that over the years there are all sorts of things being painted on these. There’s been different layers of highly inappropriate paint often applied.

What can sometimes happen is you can apply your paint – which you think is appropriate – over the top, but years and years – sometimes decades – ago, someone has applied the wrong paint. It can forever destruct and effect what you’re putting on top.

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Are you ready to begin your renovation journey but worried about going over your budget?

Are you dreaming about a certain look for your property, but not sure how much it’s actually going to cost you?

Do you keep tossing and turning, worrying about whether you have under-estimated the cost of your project?

Almost every single renovation project ever undertaken, if not every single one, has had a budget. Everybody has a limit on how much they are willing to spend on their home.

This rings even more true when it comes to renovating for wealth. The budget for a renovating for wealth project is generally a lot tighter than a normal renovating for self-enjoyment one. Why? Because at the end of the day, it’s all about getting bang for your buck.

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Many of you have heard me speak previously about the importance of having a honed area or a patch that we’ve focused our property search on.

I’m a big believer in life that things not only need to work financially, but they need to work from a lifestyle perspective. If things are hard, if things aren’t fun, generally we won’t do well at it and we will also find it too hard to continue.

Don’t get me wrong. I don’t think that everything should be super, super easy or is super easy. But not long term, to have longevity in a renovating for wealth business, it needs to fit in and suit your lifestyle or the lifestyle that you actually want to create.

After you’ve honed your patch, it’s so important that you fit it in with your strategy or you have a strategy.

There are a pile of things that go and weave into what makes up your strategy in a certain patch. The one I want to talk to you about today is your own variables. That’s right. You are accounted for in regard to the strategy that you’re going to be taking when you’re renovating.