In the latest episode of the “Help Me Buy Property” podcast, I had the pleasure of speaking with Graham Whitfield from Red Main Property Coaching, a true expert in renovations and property flipping here in Australia. We tackled nine crucial questions that renovators should consider before diving into a project. One of the key points we discussed was how to accurately price renovations through a thorough feasibility study. This means considering not just the purchase price but also holding and selling costs while avoiding the trap of emotional overspending on upgrades that may not deliver returns.
We also delved into the importance of effective project management to keep renovations on track, as delays can significantly escalate holding costs. Graham shared insights on the typical timeframes for renovations, noting that cosmetic upgrades usually take around six to eight weeks, while structural changes can stretch into several months. He advised against living in the property during renovations to maintain focus and streamline the process, which allows renovators to manage multiple projects more efficiently. Ultimately, our conversation highlighted the need for strategic planning, strong team relationships, and a solid understanding of market conditions to succeed in property flipping.
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Episode Highlights:
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00:00 Welcome to Help Me Buy Property Podcast
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02:13 Feasibility and Budgeting
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05:34 Project Management and Team Building
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12:31 Living in the Property During Renovations
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15:11 Choosing the Right Builder
