It’s finally time to reveal the finished reno and let you know how much money was made on the investment. In this episode, we have more keeping-it-real information and advice from Naomi Findlay and we also hear from real estate agent, Damon Sellis. We think the house is transformed and looks amazing! We think you’ll agree…
An offer was received and accepted after a mere five days on the market. Over 135 parties went through the property during open inspection during that time.
The final project profit, after all costs were taken into consideration, was $25,000. Not bad for six weeks’ work!
“What makes it all happen is a great team of trades and a great agent working hard on the overall goals of the project,” Naomi says. “Vision and design obviously play a key role but it must always stay grounded on the goal of the venture and the business. It is not all about design. It must be grounded in market research and a budget. Top that off with some targeted styling and you are away!”
In the penultimate episode in our series, Naomi Findlay gives us a sneak peek of the almost-finished house and explains how she has reconfigured the floor plan to make better use of space and add value.
In the fifth and final episode, coming soon, we reveal the profit made when the renovated house is sold and talk to the real estate agent.
This week, Naomi talks about the importance of having a contingency fund because unexpected things do (always!) go wrong or crop up and require more cash! There’s also drama with some very stubborn wallpaper glue, but it’s not all negative! Watch the video for the full story.
If you haven’t already, watch part 1 and part 2 of the series first. The fourth and final part is coming soon! We’d love to know if you enjoyed this series and what else you’d like to learn about renovating? Please comment below.
Wow, it’s amazing how quick the beginning of the month comes around at the best of times, but even more so when you’re traveling and multi-tasking, it seems! May 7 Vignettes starts this Thursday 1 May. The winner this month will get the chance to have a room in their home styled by the experts at Silk Home Staging & Styling, worth up to $450.
A Silk Express moodboard
If you win the Silk Express Online Styling Service, you’ll receive a moodboard containing furniture and homewares suggestions, info on where to buy, a floor plan and more.
Here’s the themes list…
1. White
2. Hidden
3. Escape
4. Treasure
5. Home
6. Sunshine
7. Autumn
This month, I’ve asked editorial assistant Olivia Shead to judge as she did such a great job of her first attempt at 7 Vignettes last month. So, make sure to tag @interiorsaddict and @oliviashead in your entries, and of course use the hashtag #7vignettes. You know the drill! But if you’re new, everything you need to know can be found here.
Editorial assistant Olivia Shead is this month’s 7 Vignettes judge
I’ve teamed up with Naomi Findlay to bring you a real-time video diary of a reno. In true Interiors Addict ‘style without the snobbery’ fashion, we’re keeping it real, warts and all, telling like it is. Our camera work and editing skills are by no means world class, but we’re less interested in that and more interested in bringing you practical, useful advice and giving you a realistic view of the highs and lows of renovating for profit, hopefully making you realise you could do it too.
Naomi, with various business partners, has done more than 20 renovations in the last three years (eight just last year!). She also owns Silk Home Staging and Styling and the online International Institute of Home Staging (IIHS). She’s also a mum of four. As well as helping people get the best price when selling their homes, it makes sense that she should renovate and stage her own for profit too
The house we’re bringing to you in this series is in the suburbs of Newcastle, NSW. “It’s an old home that has been bastardised over the years and the original features, other than two lovely ceilings, sadly removed,” Naomi says. “It is in ill repair and needing piering, sub floor repair, re-roofing, and a whole lot more!”
We won’t reveal exactly how much it cost until after it’s sold in case this affects the final sale price, but it was in the $300-to-$400k range. The budget for the reno is around $70K.
“I want to allow people to see the real and unedited world of renos; super quick and in the case of this property, super budget! I am by no means a feminist but it is great to show how a woman like me, juggling a family of four and running my own businesses, can reno for profit and enjoy it,” Naomi adds.
“I hope that people who want to have a go get an insight into what it is like and a thirst to know more about it!”
Naomi’s top five tips for renovating for profit are:
Buy well. This is where you make your money.
Have a team of trades as they will keep you alive.
Don’t forget to count your own time as money.
Keep a hold of the budget and review it weekly.
Time is money, so don’t lick stamps!
Know your market and spend you money based on ROI.
There are two main ways she sees other people get it wrong and these are putting too much or too little money in, depending on the market they are selling to, as well as trying to do everything themselves and it taking far too long. “They will go wrong if they think it is a ‘get rich quick’ thing and if they think it is glamorous!”
Naomi Findlay
Many people put off having a go themselves and Naomi wants to encourage them to have a go, armed with the right information. “Some think that they are too time-poor or have no idea of where to begin. It is really hard as there is so much available on the net regarding developing property and there are so many valid and variable ways to develop or flip or reno for profit. All have their merits but it can be hard to sift through the information and work out what is best for you and your circumstances, considering your time, family, finances and skill level.
“Mentoring is one of the best things that you can do when getting into this game; learning from someone else’s mistakes and their wins! They can help you work out finance, joint ventures, time schedules, budgets, roles and responsibilities.”
Naomi runs courses in home staging and styling, and business mentoring, through the International Institute of Home Staging (IIHS). Find out more.
Pops of cool blue tones in the furniture, accessories and furnishings bring a cool feel to the space, while a
mirrored wall helps bounce light around and make the area brighter and bigger.
Today, stylist Naomi Findlay of SILK Home Staging & Styling and the International Institute of Home Staging (IIHS), shares some great tips on styling your home for the summer months.
Summer is well and truly here and we are increasingly looking for easy ways to enjoy it at home. Here are some quick tips for creating your ultimate summer-friendly environment:
Merge the outdoors and indoors
With the longer days and increased entertaining, now is the time to create indoor-outdoor living spaces.
