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Renovating with friends: what to consider first

April 13, 2015 Leave a Comment

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Our resident expert Naomi Findlay has renovated more than 20 properties, several as joint ventures with friends. Here, she shares her tips on what to get clear before you buy property with someone else.

Buying a renovator with a mate or a few mates can be a great way to get into the market and to experience property renovating whilst splitting the risks.

However, asย with all things in life, it is worth putting some planning and consideration into the finer details. Working with mates can be great but the last thing you want is for things to head south and friendships to be strained over a joint venture.

Image: Expert Beacon
Image: Expert Beacon

When entering into a joint venture (JV) with friends (or anyone really) it is essential that everyone completes due diligence individually. Your solicitors and accountants are an essential part of this team to work out and document the details for both parties to agree before starting the project. However, before you even get this far, there are some things that you and your best pal should work through. The big topics to make sure you think about and discuss are division of risk, work and profit.

Here is a good place to start:

1. Who will be legally buying the property? If you are doing it together, will it be as partners, a company or another entity such as a trust? Remember that whatever you decide at this point will have financial implications for you and your “regular income”, from the perspective of distributing profit or offsetting loss.

2. Who will fund the project? If you are buying the property as individuals, who will be obtaining the finance? Who will be supplying the deposit and providing the ongoing funds required for not only the renovation but the holding costs of the project during the renovation and sale period?

3. Division of work. When the romance of renovation is dangling in front of you, it is very easy to overlook exactly who is going to do what. Even the quickest renovations can still take five to six weeks. I don’t just mean the glamorous hero jobs like demolishing, sheeting, painting and styling; I mean the big picture… runs to the tip, sifting through paperwork and paying trades, pulling staples from floors (hour on hour), crawling under the house to clean out the previous owner’s rubbish, mowing the lawns for a month or so whilst the property is on the market. The list goes on and on!

To work through this, you need to look at your current workloads, skill levels, and time available to work on the project. Remember that you can be creative here; create a system that works for you both. Rather than looking at everything 50/50, think laterally to find a fit that works. For example, person one might finance the venture and hence hold the risk, whilst the other takes on the workload of the property whilst dividing the profit equally.

Regardless of how you structure the JV, it is always a good idea to forward project and catastrophise worst case scenarios and have an exit plan for each. Thriving JV projects with friends are all about planning, communication and documentation. If you start by having an open conversation about these points, you are well on your way to a successful JV where you and your mates can reap the rewards.

See one of Naomi’s renos for yourself.

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Charlie doesn't recommend running head first into Charlie doesn't recommend running head first into tiled steps ๐Ÿค•

Oh what a night. Thankfully Hornsby Hospital were as amazing as always and we avoided stitches. All taped and glued  back together and now to keep him calm for the next few days (๐Ÿคช) and watch for signs of concussion. 

Bravest little patient ever. Yes I've had a ๐Ÿท

Funny how we go into super organised mama mode in times like these. Grabbed dinosaurs, textas and scrapbook on the way out in case we had a long wait!
Australian made bathroomware is seriously impressi Australian made bathroomware is seriously impressive!

The new @studio.xox ONLY sells Australian brands. Like @nood_co coloured basins, lead-free eco brass from @faucetstrommen and @lindseywherrett's  ceramic basins made by hand in Tassie.

And as for their Sydney showroom (they also sell online): WOW.

See and read more on the blog now via link in bio.

#interiorsaddict #theinteriorsaddict #jenbishop
#creatingbeautifulspaces #homestylingdesign
#designbywomen #homestylingtips #sydneycreatives
#homestylingsydney #interiorstyling #interiordesignsydney
#everydaydesign #interiortrends #renovationinspiration
#homedesigninspo #lovemyhome #stylingdetails
#loveinteriors #homeimprovements #interiordesignaustralia
#dreamhomeinspiration #homemakeover #personaldesign
#interiordesignaus #creatingbeautifulspaces
#creativehomes #housestyling #sydneyhomes
#interiorinspiration #myhomedesign
I'm THRILLED to be an ambassador for the brand new I'm THRILLED to be an ambassador for the brand new @madeinaustshow in Sydney this August.

๐Ÿฆ˜๐ŸจForget every tacky association you ever had about touristy Australian made and prepare to see a showcase of the best of home, lifestyle, fashion and beauty made right here. If the pandemic has made you appreciate buying local even more, this is for you.

It's the first business to business trade event connecting retailers with Australian made products to champion our local makers๐Ÿ™

Apply to exhibit or find out more at their website, via their bio, now!

Are YOU buying more Australian made post covid?

#madeinaustralia #australianmade #aussiemade #aussiedesign
Do I recommend a timber vanity top? A big fat NOP Do I recommend a timber vanity top?

A big fat NOPE! ๐Ÿ’ง 

Which is why we have recently covered ours with a Caesarstone top (thanks to @justinplace_sydney for the advice and supply) and the sweet RELIEF of not having to worry about this high traffic area anymore, I'm telling you!๐Ÿค—

Doesn't matter what they tell you or how many times it's sealed, I'm not sure it's a great idea in a room which is so, well, wet!

I love having the warmth of timber in the bathroom and it's a beautiful piece, but timber on the top? Never again.

Ours probably lasted a year (if that) before it started to go downhill (and we want a good decade out of a bathroom, right?!). 2.5 years on, everything else in this bathroom looks virtually brand new and the water marked vanity top was really letting the side down and making me sad!

But I'm so pleased with this solution, I have to say! Took the plumber less than an hour to remove the sink, install the top and connect the sink back up. We didn't need to move the tap and it isn't too close to the basin.

The kids are allowed to brush their teeth and wash their hands (liquid soap ๐Ÿฅด) in here again and I can leave my hair straightener on there with gay abandon ๐Ÿ˜†

The reflective surface (which I can clean with whatever I like!๐Ÿ’ช๐Ÿป) brightens the room up too!

Next week I'll tell you what I really think of my brass tile trim too ๐Ÿ˜‰

#interiorsaddictbathroomreno2 #interiorsaddictfamilyhomereno #timbervanity
Is there a more decadent and delicious soup than F Is there a more decadent and delicious soup than French onion?

I think not!

Grab the recipe on the blog this morning via link in bio.
Get to know me! I haven't done one of these in YE Get to know me!

I haven't done one of these in YEARS so there's possibly thousands of you who don't know my back story. Here's a few things you may not know about me!

โœ”๏ธ I'm English ๐Ÿด๓ ง๓ ข๓ ฅ๓ ฎ๓ ง๓ ฟ and I moved here (just for one year) back in 2008๐Ÿ˜† 

โœ”๏ธ I can't end the day without a bath, even if I get home really late or on a really hot day. It's a mental health thing and my happy place. ๐Ÿ› 

โœ”๏ธ Before becoming a blogger and running my own small business, I was a journalist from the age of 18. My favourite news gathering times were as a newspaper crime reporter (bit different to interiors!) ๐Ÿ““ 

โœ”๏ธ I once worked at New Scotland Yard in London ๐Ÿš” 

โœ”๏ธI had an interview at Oxford (didn't get in!) but chose not to go to uni at all after being offered a job on the local paper #universityoflife ๐Ÿ˜

โœ”๏ธ My mum died when I was 3, I have an excellent dad and one sister (younger) in the UK โค๏ธ ๐Ÿ‡ฌ๐Ÿ‡ง 

โœ”๏ธ At school, my favourite subject was French ๐Ÿ‡ซ๐Ÿ‡ท and I was head girl ๐Ÿค“๐Ÿค“

โœ”๏ธ I'm addicted to โ˜•๏ธ , long hot baths and๐Ÿ’„ (been wearing it since I was about 14!)

โœ”๏ธ I'm not a phonecall person and will never ever pick up an unknown number. Ever. They can leave a message ๐Ÿ˜

โœ”๏ธ My favourite cuisine is Japanese ๐Ÿฃ ๐Ÿœ and Damian and I honeymooned in Tokyo and Venice 

โœ”๏ธ I have zero design qualifications. I just started blogging about my passion, which is trying to persuade everyone to #heartyourhome That was 11 years ago...

โœ”๏ธ My favourite tipple is a good GnT or๐Ÿท 

โœ”๏ธ Cheesy as it sounds, ๐Ÿ’โ€โ™€๏ธbeing a mum is my absolute biggest joy in life ๐Ÿง’๐Ÿ‘ฆ

โœ”๏ธ I will never give up my old school paper diary! Has to be A5 and week to view ๐Ÿ“– 

โœ”๏ธ My official surname isn't Bishop. I kept my maiden name for work after I got married but changed it for everything else. Often confuse myself!

โœ”๏ธ I didn't get my Ps until I was 37 and I'm still a terrible parker ๐Ÿ˜ฏ ๐Ÿ…ฟ๏ธ

Hope you feel like you know me a bit better ๐Ÿ˜˜

๐Ÿ“ธ @vanlowvanlow
Blue, green or lilac? ๐ŸŽจ @nood_co coloured con Blue, green or lilac? ๐ŸŽจ 

@nood_co coloured concrete basins is a great Aussie business success story. Although co founder Matt Di Costa first found fame as one half of Matt and Kim on The Block, he hasn't relied on this to build his brand.

โ€œWe are very honoured to have been a part ofย The Block, and all they have done for us. I am, however, a believer in letting the product take centre stage,โ€ he says.

Read our interview with Matt via link in bio now.

๐Ÿ™Share your favourite colour basin in the comments!

#colouredconcrete #noodco #colouredbasin #blockheads #the block #bathroomtrends2022

Pic 1 by @naibudesign_ and 2 by @twostyleinteriors
I'd love to see more colour in Aussie interiors! I'd love to see more colour in Aussie  interiors! ๐ŸŽจ 

At the end of the day though, it's a matter of personal taste. I love pops of colour but it's not for everyone. 

We couldn't resist featuring this Canadian house tour today. The amazing Kelly Green  hutch (swipe) was an upcycled $200 find ๐Ÿค—

Head over to the blog via link in bio to see the rest including one of the best playrooms we've seen in ages!

Project by @in.house.design
๐Ÿ“ธ @philcrozier
Create an unexpected city oasis with an emphasis o Create an unexpected city oasis with an emphasis on light and nature.

That was the brief for the conversion of a corner shop and a warehouse bakery into a luxury family home in Sydney's Newtown. And how about the library?!

Take the tour of this very special @annacarindesign project on the blog now, via link in bio.

Pic: @justinalexanderphoto
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About Jen Bishop

Jen Bishop is our owner and publisher and an experienced journalist and editor. Interiors Addict has been her full-time job for more than 8 years. She is married to Damian and mum to Sebastian and Charlie.

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