Struggling To Make A Profit Doing DIY Renovating? This May Be Why
I’m going to go ahead and put it out there: DIY renovating is terrible for renovation profit. I was once in your shoes making DIY renovation mistakes. I considered myself the DIY queen for two decades. Yep, I was right in there laying the tiles, painting the walls, and I got very creative with it
DIY Renovation Mistakes: Why DIY Can Kill Your Profits
Somewhere along the line, I realised doing it myself wasn’t doing me any good. I have to admit that it became an addiction. Stopping felt a bit like giving up smoking.
Like you, I have big financial goals. Renovating is the vehicle you and I have chosen to achieve those goals. But if your success depends on what you can achieve yourself, you are going to get very tired. You will end up burning yourself out.
Have you ever got to the point where your project is ninety per cent of the way there and you are absolutely exhausted? You barely have an ounce of energy left to paint that wall or silicon that joint. You feel like you are stuck at the bottom of a deep hole and you are trying to dig your way out.
That has been my experience when nearing the end of a renovation project where I did a heap of DIY.
The Reasons You Struggle To Make A Profit On Renovations
- You become exhausted and burned out.
- You may not have factored in money to pay yourself. If you did, there is a good chance it wasn’t enough.
- Choosing properties that would never be profitable – DIY or not.
Why You Need To Pay Yourself
Tackling a renovation project on your own may seem like a great way for you to maximise your profit. The opposite is in fact true – these are classic DIY renovation mistakes. Even if you do make a profit, it is the wages that you should have been paid. So, you were working for nothing.
Unless you are a tradesman, your work is going to be slower. And your quality of work will not match what a professional can achieve.
Profitable Renovation Business Practices
If your goal is to make a profit from buying, renovating and reselling houses, you are running a business. That means you need to view every property as a business opportunity.
If you are in renovating as a business and you’re in the business of building wealth for your retirement or replacing your income, then you need to use business practices to actually move you forward. You need to have plans in place that make sure your projects produce sufficient profit to achieve your goals.
When you are looking for a property, you need to find one that has sufficient profit in it. You need to make enough money from it to pay your tradesmen and make a profit on top of that.
Stop Making DIY Renovation Mistakes And Start Making A Profit
When you have the right business structures in place, you will be able to do more renovations in a year. You avoid making yourself exhausted. You will also find that you will enjoy your projects more and they will be of better quality. Finding time to pursue your renovation dreams is worth the push.
All too often, the properties you choose to work on yourself end up being money pits. To avoid overspending on the project, you throw yourself into it and burn yourself out.
That is why at The School Of Renovating we encourage our students to wean themselves off DIY. Your business will become more profitable and your income will be more sustainable.
Have a look at the download in the comments section if you would like to find out more.