Making a net profit of $20,000 in just six weeks is no mean feat, but it is one that Kylie Nolan achieved when she undertook her first renovation for profit.
Buying her two bed, one bath Queensland duplex for $215,000 in May 2014 (and selling that September for $265,000), she took the two month settlement period to get her plans in order, buy all the fittings and fixtures and organise trades. And while she admits she was raring to go, her detailed prep time saw Kylie manage to spend just $9,000!
“I was on a tight budget so I was careful to keep existing fixtures that were okay like the carpet, the wall tiles in the bathroom and the shower cubicle,” explains Kylie. “However, the kitchen had to go and was replaced with a new IKEA white gloss design for $1200. I then bought a packaged appliance special at ALDI for $1000 which included the oven, cook top, dishwasher and range hood. I had to line up at ALDI before they opened to get one before they sold out!” Other ways Kylie saved money was by doing a lot of the work herself — such as painting the whole home, grouting the tiles and even laying the floors — as well as getting the help of a bargain handyman.
With the previous owner having crammed belongings into every corner of the property, Kylie’s aim was to open up the cluttered space. To create a light and bright home, Kylie got rid of the kitchen island that cut the kitchen/living room in half and gave the high rake ceilings a fresh makeover; though the latter was no easy job! “The raked ceilings were an issue as I wasn’t sure what to do with them; but I knew they had to be changed as they were so dark and dated. I had called painters to work out a way to paint the gloss wood, but they all said to sand it back, prime and paint, but I couldn’t do that on my own, it would just take too long. I didn’t have the budget to plaster them, so I just googled how to paint gloss wood and found the product Zinsser B.I.N Primer at Bunnings. I’m really happy with how they turned out and I think they are a great feature of the duplex.”
Clearly not afraid to get on the tools, Kylie’s biggest hurdle was surprisingly no DIY challenge, but rather getting people to take her seriously. “I had a few tradies and guys at some trade shops laugh at me because I was a single female with no real experience doing renovations on my own – but I guess I’ve had the last laugh! It was a massive learning experience and has given me much more confidence in my ability.”
Already onto her second renovation, Kylie has well and truly caught the renovation bug. So she is the perfect person to go to for advice: “When renovating for profit education is key. The saying: ‘You make your money when you buy a property,’ is really true. You just have to know which property can make you money, the renovation is the easy bit! Go to seminars on renovating by renovation experts, read books and watch the real estate market in your area. Don’t let fear stop you. You can do it!”
Well done and great spotting a nice unit that was previously crammed with someone else’s stuff – visions fix everything. Also about the Zinsser B.I.N Primer – used it myself on similar renovation project and it is the best ever primer for covering the most tacky oil based lacquered timber and it ensures no bleeding into the white paint you put over the top of it. Like you I researched it myself.
Suzanne Commerford says
I hear you Kylie.
Using tools, tackling a tiling job with no past experience all paled in comparison with my personal challenge to get over the need to be liked and to be assertive instead.
I thought I’d write blog posts on how to do a renovation but instead I wrote about assertiveness!
Post the results of your second reno soon!
I love your work Kylie! You go girl.
Thanks for the primer paint tip -saving that in Evernote for later.
Bunnings is our go to shop too for renovating, but you gotta know where to find the cheap solutions. I really wanted a timber bench top with waterfall edges to our island bench (this is when the bench top runs down the either side of island bench). So if you head to their kitchen range they have timber oak tops for $450sqm -way too expensive for our budget. Head to the trade section and look around I found timber sheets 2100 x600d for $60 a piece on sale. There’s more mucking around because of joning the pieces together but a good carpenter should be able to do this for you. Luckily I’m married to one.
Can’t wait to get more idea’s from your next Reno Kylie.
Kylie Nolan says
Melinda that is such a great tip! Thankyou! I will remember that for next time for sure! xx
Damian Borger says
Congratulations to Kylie on a brilliant renovation. I was fortunate enough to meet Kylie in my role as the real estate agent acting for the seller of this unit. I could tell from my first inspection with Kylie that she had a clear vision for the unit and was super-organised in her plan to execute it for a quick turnaround. Amazing result for someone so new to renovating…well done!
Fantastic Reno Kylie,
Hubby and I are looking at trading in our current work to start to do renos for profit.
I have been to a couple of seminars and now completing an online course. I was wondering if you could recommend what you found best in this area? Some seem to be very $$
Belinda Smith says
It is absolutely possible to earn a living doing renovations and you have sensibly completed some education around that. Please don’t quit your jobs to begin.
Unless you have enough cash to complete the property purchase and renovation, you will have to borrow from the bank. They will look at your ability to service the loans on what you earn, not what you think you will make when the renovation is complete, until you have done enough of them successfully, to establish a solid relationship with your lender.
Hi Mardi, well done on educating yourself on how to get into the renovating for profit business! There are a number of courses available and I would recommend shopping around, see what trade discounts are included in the course and if they offer continued support after the course is completed. The hardest part of the renovating for profit process is finding the right property that has the potential to make a profit. T
Hi, Could you please tell me where you bought the sofa in the living room.
Hi! I bought the sofa from Ikea, it’s modular so I can add on sections later if need be. They come in a range of colours but I wanted something very neutral so I could work around it with any colour combinations when styling/ staging a house 🙂