Bernadette Janson reports on the progress of our Renovation Class Project. Bernadette describes this as part of her Martin Luther King ‘dream’…
Renovation Class Project – Funding and Legal Structure
We now have all the money deposited to the bank account from all the Class Project participants. Class project participants are all co-investors for the home renovation and will be active participants to observe and learn from all the moving parts.
Documentation for Shareholder Agreements
We have now commenced finalising the paperwork with My Property Circles. Relevant documents have been submitted to complete the shareholder agreement. This sets up a clear legal structure and protection for all participants and will allow the payout of capital and profits equitably when appropriate.
Property Inspection For the Renovation Class Project Team
The next thing is we needed to organise was an inspection of our Freyberg St property. After some negotiation with the real estate agent, we were able to increase a 30-minute access time to two hours. But now Sydney city has gone into a precautionary lockdown which affects some of the Class Project participants.
That means Stephen and Bernadette will be in lockdown so it’s highly unlikely they will be able to go to the inspection. We’ll need to roll with the punches as COVID is a way of life these days. So, we are expecting the inspection will go ahead.
Renovation Class Project participant and local-to-the-area TSOR student Kerry Mills is on the ground there so will be able to represent the team.
Making Contact With Builders and Trades
This week we will contact the builders, getting them lined up for the project, so it will be business as usual.
Accurate Measurements Needed – During Lockdown!?
David, our architect is in lockdown as well so he’s not going to be too happy because he likes to do his own measuring. We will need to find a solution with him for how we’re going to do that.
Landscape Renovation Options
Some of the Class Project group have teamed up to form the landscaping team. They will get together in the next week and start formulating their ideas about what they’re going to do for the exterior of the house.
Transforming the front and back gardens and home entrance, and upgrading the street appeal will ensure we achieve the best possible selling price and maximise the profit for the Class Project participants. Listen to and read about Upgrading Street Appeal here…
Pinterest Mood Boards For Creative Sharing
We’ll also be organising a Pinterest board so we can start pulling together some materials and creative ideas for the mood boards.
It’s really important we get a sense of the look and feel we’re going for at an early stage in the project. So, we can start sourcing materials and tiles and making some decisions as part of our renovation plans.
We are excited about how this renovation project is evolving for all of the team and for our wider community for The School of Renovating.
Stay tuned for our next Class Project update.