Well with the imminent completion of the new home, we listed the Queenslander on the rental market, one viewing and it was rented and to a preferred tenant. How did that happen? This result I believe is because we followed a deliberate approach to the renovation combined with using a premium rental service and being clear about the sort of tenant we preferred.
I’ve actually learned a few things over our years of buying and renovating properties, some of these have been hard lessons where we made mistakes that cost us, while others I have learnt by listening to others who have trod a path before us. Now that we are getting to the end of our current small development I can see that those earlier lessons have paid off with positive results. Recently I have been reflecting on what we did right and what could have been done better, at least with the renovated Queenslander and general development process.
When we initially ventured into purchasing properties for renovation we generally didn’t end up making a lot of money or creating much equity in the property; mainly this was because we didn’t purchase the right properties. After listening to, and learning from, other more experienced renovators and developers I gained a better idea of what we needed to look for when seeking a property to develop. Read more