{"id":9532,"date":"2016-10-10T01:00:04","date_gmt":"2016-10-09T14:00:04","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=9532"},"modified":"2016-10-10T01:00:04","modified_gmt":"2016-10-09T14:00:04","slug":"making-100k-out-of-a-reno-in-6-weeks-jane-slack-smith","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/making-100k-out-of-a-reno-in-6-weeks-jane-slack-smith\/","title":{"rendered":"Making 100K out of a reno in 6 weeks – Jane Slack-Smith"},"content":{"rendered":"

 
\nRenovation superstar Jane Slack-Smith<\/strong> shares the story of how she added one hundred thousand dollars in value to a property in just 6 weeks.
\n <\/p>\n

Transcript:<\/strong><\/h4>\n

Kevin:<\/b>\u00a0 In a recent article in Australian Property Investor<\/i> magazine, an article called Renovation Gold. It featured some excellent comment from my next guest, Jane Slack-Smith. Jane, of course, is from Your Property Success.
\nHi, Jane.
\nJane:\u00a0 <\/b>Hey. How are you doing, Kevin?
\nKevin:<\/b>\u00a0 Yes, good. That was a tremendous article. What a great success, you actually added $100,000 in value in a period of just six weeks.
\nJane:\u00a0 <\/b>Absolutely. Look, when I look at doing any renovation I need to add at least $2 for every $1 I spend. In the end we ended up adding about $2.90, so tick the boxes.
\nKevin:<\/b>\u00a0 Were there any great lessons out of that?
\nJane:\u00a0 <\/b>I think the thing is that most people when they think about renovation, they think they\u2019re buying a property to renovate. I actually bought this property back in 2002. I didn\u2019t renovate it until 13 years later. I think that\u2019s one of the lessons from this.
\nI have five R\u2019s of renovation. You have a refresh renovation where you run in and clean it up. You have a repair where you pull out the toolbox and you might do a little bit of painting. Then, you have that rejuvenation, which is we get rid of the kitchen and bathroom and make it look beautiful. The fourth one is restructure, where we\u2019re adding on that unique box on the back that we talk about or maybe converting a three-bedroom to a four-bedroom under the current roofline.
\nBut this is the revamp. This revamp is about looking at your current portfolio and going, “You know what can I do for it,” so I did that.
\nKevin:<\/b>\u00a0 Wow. It just shows you, doesn\u2019t it, that it\u2019s never too late to renovate.
\nJane:\u00a0 <\/b>That\u2019s a good title for a song.
\nKevin:<\/b>\u00a0 Yes. Actually, it probably is. But it is never too late, is it?
\nJane:\u00a0 <\/b>No, absolutely not. I think we\u2019ve had all of these changes with APRA and ASIC <\/b>and people\u2019s borrowing capacity. People need to be a bit inventive about their current portfolio and (a) making sure that it still performs for them and (b) looking at opportunities to make it really deliver on the promise that it can really be.
\nKevin:<\/b>\u00a0 Someone starting out with renovation, Jane, what would be your advice? You\u2019ve given us the refresh, repair, rejuvenate, restructure, and revamp; does one of those suit the first-time renovator better than any other? I would imagine it would probably be refresh, if you buy well enough.
\nJane:\u00a0 <\/b>Yes. If you buy well, if the property is a really\u2026 We\u2019ve all inspected these properties. You walk in and they smell and they might have years of smoking and you can see all of the marks on the roof. But, in actual fact, a bit of elbow grease, and they\u2019re actually a fabulous property and you can increase the rent. Now, unfortunately, they\u2019re a little harder to find.
\nBut that rejuvenation renovation is really what most people do, that cosmetic renovation. I think when we look at renovation as a key to making a profit, we really need to understand that (a) does the property have the capacity to be renovated? So obviously, we\u2019re not looking at brand new properties. But (b) can we actually make money out of it?
\nThe reason that I targeted this property was that I could see that median properties in the area or actually renovated properties were selling for $900,000 to $920,000. I knew when I got my first valuation done that it was valued at $820,000. The renovation was going to cost me less than $40,000 with holding costs, etc. So I could actually create a better and higher value for that property.
\nYou obviously don\u2019t want to spend $40,000 and have your $820,000 property only worth $860,000. This property went up and six weeks later was valued by the same valuer at $920,000, and that was what I was aiming for: creating that equity and pushing the rent up.
\nKevin:<\/b>\u00a0 Yes. Rejuvenation is where you say most people go to. Well, that\u2019s certainly the first thing they think about when you talk about renovation. But it can also be the area, if you\u2019re not careful, where you can very easily overspend or overcapitalize.
\nJane:\u00a0 <\/b>Absolutely. I pulled out my renovation discount card and managed to get some really great discounts on my kitchen packages, etc. But I think the thing is that you really have to be clear about your budget.
\nFor every 10 properties I look at that are in my budget that I want to purchase, I always look at one property that\u2019s been renovated. I look at the standard of finishes that I have to do. There\u2019s no point putting Caesarstone in an area that doesn\u2019t expect Caesarstone in the kitchen, and that\u2019s really one area that you could really overcapitalize.
\nKevin:<\/b>\u00a0 So much to learn about in renovation. Now, I want to mention here that The Ultimate Guide to Renovation is about to kick off again.
\nJane:\u00a0 <\/b>Absolutely. We\u2019re in preparation to opening enrollments. Enrollments are going to open on the 20th<\/sup> of October, so that\u2019s pretty exciting. But, we\u2019re getting geared up for all our new students.
\nKevin:<\/b>\u00a0 Okay. Well, if you\u2019d like to know a little bit about it, there\u2019s a video series that you can jump into. It\u2019s absolutely free of charge. All you have to do is use the link on the home page or on any one of player pages at RealEstateTalk.com.au. That\u2019ll take you straight to it. That\u2019s right, isn\u2019t it, Jane?
\nJane:\u00a0 <\/b>Absolutely. We look forward to educating people. The video series is excellent. I had a lot of fun filming with drones this time, so it\u2019s a little bit different.
\nKevin:<\/b>\u00a0 That\u2019s good. Well, I\u2019ve always enjoyed them in the past, and I\u2019ll look forward to seeing these, too. There\u2019ll be three in the series and I\u2019ll start streaming it. Just go to the Real Estate Talk website (RealEstateTalk.com.au), and have a look for the link, the Ultimate Guide to Renovation. Click on that. That will give you all the details. It\u2019s absolutely free, and you can start to learn all about renovation from the lady herself, Jane Slack-Smith.
\nJane, thank you so much for your time.
\nJane:\u00a0 <\/b>Thank you, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

  Renovation superstar Jane Slack-Smith shares the story of how she added one hundred thousand dollars in value to a property in just 6 weeks.   Transcript: Kevin:\u00a0 In a recent article in Australian Property Investor magazine, an article called Renovation Gold. 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