The Family Home Money TreeBy: Pam Jirapak

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Renovation Projects

The Family Home Money Tree

Renovator: Pam Jirapak
Location: Brisbane, QLD

My friend wanted to renovate his family home since the house hasn’t had much love. He wanted to refinance to tap into its equity but he couldn’t maximize it without doing a renovation.

The house was in terrible condition. It was missing some simple TLC, organization, and upgrades. I suggested adding an extra toilet with a view; the remaining toilet could be converted to an ensuite down the track in a year or two.

A new kitchen replaced the cluttered eyesore and became the welcome focal point of the open-plan living area. The bathroom doorway was relocated to another wall allowing space for the extra toilet.

Purchase Price Pre-Reno Valuation Renovation Cost Revaluation Increase In Value Increase
$367,000 $415,000 $39,254 $495,000 YES $80,000

This was a renovation project that I did for him as I renovate for others as well as myself. I enjoy working on projects for other people while I have my own projects happening in the background. This is an added revenue stream for me as well as allowing me to be creative.

The revaluation allowed my friend to borrow the equity that he needed to invest in his next property. He was delighted with the outcome as it did not interfere with his full time employment and I was able to achieve results for him that he otherwise couldn’t see for himself.

My Top 3 Tips

  1. Spend time on a strategy and plan
  2. Sticking to the plan
  3. Shopping and having access to great discounts

Advice To Budding Renovators

I am a firm believer in sticking to your budget and working with benchmarks to not overcapitalize. It is very easy to blow out your budget on things that don’t actually add any value.  This doesn’t mean be cheap and tacky, it means you need to be savvy and aware of what you need to do.

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