Hey everyone! It’s Naomi Findlay, your rapid renovation expert!
You’ve completed the hard yards; you have enough research to fill a library, and your budget estimates would make your old math teacher proud.
You finally have your perfect property. You’ve nailed down what your renovations are going to be. The shabby old bathroom is getting an update – those 60’s tiles are due for retirement, and the green accents are shudder-worthy. The back veranda is also getting makeover – from old-granny-on-the-rocking-chair to modern outdoor family space, complete with bi-fold doors for added flexibility when entertaining.
And to finish it all off, you already know the exact natural elements and finishes you’ll be putting in that will be simple irresistible for all the Tom, Dick and Joes in your target market.
Now, it’s renovation time!
So, how long are all of these tweaks and upgrades going to take? Which tradies are you calling in first? What’s your back-up plan if the plumber isn’t available that week? Is your intricately woven renovation plan going to start unravelling if the tile delivery is late?
Well, there’s a common theme to all of these questions.
Time is money, and your renovation timeline is key.
They say time is money, and they’re not wrong. When a journalist has a deadline, they need to finish the story before that date is up. Otherwise they risk losing that slot in the newspaper, and missing out on their pay cheque too. It would be a heck of a lot of work going to waste.
The same goes with renovating for profit. You’ve already worked out what profit you want to see on the other side of the renovating line. Now you just have to make sure that you get to that line before the clock strikes midnight. Otherwise you’ll be left with little more than a pumpkin when sale time comes around.
The more time you spend on the actual renovating, the more money you’ll see disappear. That’s not to say that you should scrap the new bathroom and kitchen and stick to the quick and simple cosmetic stuff. It’s just that you need to really keep an eye on your renovating schedule and make sure everything and everyone sticks to it.
To be able to create a strict timeline and stick to it, there are three factors you need to take into account.
The order of events.
The first thing you need to consider when drawing up your timeline is your order of events.
In other words, what is going to go first? Or who do you need to bring in first before anything else can be done?
For example, if you have decided the gut the kitchen and replace it with the latest and greatest, there will be certain things that can’t be done before others.
Before you can put in the new cabinets, you need to make sure there is space for them. Have the old cabinets been recycled? Has the wall leading into the living room – the one standing in the way of your perfect open-plan space – been knocked down?
And then, you can’t slap on the Ceasarstone benchtops if there are not cupboards yet. Nor can you cover the whole wall in those shimmery splashback tiles you hand-picked if the electrician hasn’t come by to wire through the electrical stuff. And when is the plumber supposed to come by to do the piping? Definitely not at the end when the kitchen is all done.
The time it takes to warm up.
The second thing you need to take into account in your timeline is that part BEFORE the race begins. Think about it; a long-distance runner doesn’t just show up to a marathon thirty seconds before the race is about to start. He shows up an hour before to warm up, check his conditioning and make sure all his gear is in tip top shape.
And just like the marathon runner, you aren’t just going to show up with a jackhammer the day the keys are handed to you and start hammering away at the floor. It’s going to take time to get all the essential equipment to the renovation site. Delivering tiles, paint buckets and timber slabs doesn’t happen instantly.
I’m not saying you should leave all of this stuff until the day that you have access to the property – that would be silly. What I am saying is that you need to take these “pre” steps into consideration when you’re finalising your timeline.
The time it takes to finish the race.
On your marks, get set, GO! The marathon racer completes the track, with his coach close by on the sidelines, timing his lap. How long did the first 100m take? What about the last leg of the race?
This third part is where the timing of each work that you have written down comes into consideration. You have already worked out the order of your events. Now it’s time to figure out how long each one is going to take.
How long will it take to knock down that wall? How long will the cabinets take to install? What about the wiring? And the piping for the sink and dishwasher? What about the splashback?
So, you see, works need to be done in a series of events, one after the other. And works equals tradies that equals time. You can save time, money and effort by having a well-planned timeline that you and your tradies are well aware of. Otherwise, there will be a whole lot of confusion and chaos on site – and not to mention a few extra grey hairs on your head.
Having a well-planned timeline and sticking to it is one of the most important things you can do when renovating for wealth. But that doesn’t mean that you should be so rigid in it that you don’t allow for minor changes. After all, things might happen that are beyond your control.
You cannot possibly think of every single thing that may occur while you are renovating. Being flexible will help you overcome any hurdles that come your way, and it will also mean that if you are ahead of schedule you can move things around or push them forward. So have a well thought out timeline in place but remember to allow for some wiggle room – it might even leave you with a bigger profit at the end of the day!