Week 32: An Introduction to Renovations

Hello gorgeous people and what a smashing day it is. I'm keeping my babble to a limit so as to educate you fine people who are busy and want good information at a fraction of a time. So this week's topic is renovations (some prefer to call it refurbishment). I don't think there is a significant difference, unless I'm missing the point. It's whatever you prefer to use, anyway, not important. This is a biggie and where the practical elements really come to life. You are now going into the ‘big boy’s’ territory! Just to make you aware I have a background in housing repairs (mainly social housing) and can therefore offer some useful insights into the subject matter. However, it's very different from a corporate point of view as all budgets are already stipulated and your contractors are pretty much selected by the council so one just has to project manage and make sure everything runs smoothly on time within budget. 

You can't inject your own flair or personality as the autonomy is taken from you and made by those on top. So while I have some knowledge in this area it will still be me starting from scratch as I have never managed my own refurbishment project beginning to end. So it will be interesting to learn how I get on when working for myself with no boss looming over my head. I know some will love the idea of not being told what to do but I kid you not there is a flip side to this. When you are not answerable to anyone you can very quickly fall into the trap of ‘I could do this later’ or ‘there is time still’. Sound familiar?? Obviously time is money and this is when your decision making skills will really be tested. I have to unlearn certain things as this will no longer be applicable for me, as certain systems that work in my day job won't necessarily work in my start-up. 

For example contractors, these are large scale developers that work on many houses at once and not individual houses. For this reason, unfortunately I won't be able to benefit on the economies of scale and discounts they offer to the council. I have to find and form new relationships with new contractors that are better suited to the project in hand. These will be individual tradesmen, one man band...you get the idea. So I just hate it when people say “it should be a doddle for you as you're overseeing repairs all the time”... It's a completely different context! Yes, I will be my own boss, I can make my own decisions and choose the people I work with, this should all be fun. The only thing that scares me is the ability of getting carried away. Interior design is a pain in the a** ! With all the gorgeousness to choose from I can see very quickly how people are seduced into spending excessively. You have to put your personal taste aside and see what will have a broader appeal.

A saying from a very well known property mentor springs to mind. He is forever chanting:

“Buy with formulas and not feelings”... (Samuel Leeds)

I totally get this, while I am very much into the whole bohemian/hipster and simple living mantra that may appeal to the indie crowd but, not necessarily the average 1st time buyer. At the same time this doesn't have to equate magnolia walls or beige carpets when it comes to decor. I can put some vigour into it (the fun part). So personal feelings aside, my no1 priority is to  shift the house (swiftly) once it's completed.  

Next week I will talk you through which renovations to undertake for maximum value. Until then au revoir...