Business Idea for Renos and Make Overs

Discussion in 'Renovation & Home Improvement' started by ThaRealJaySnell, 7th May, 2021.

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?

Worthwhile to proceed with it ?

  1. Yes

    1 vote(s)
    100.0%
  2. No

    0 vote(s)
    0.0%
  1. ThaRealJaySnell

    ThaRealJaySnell Well-Known Member

    Joined:
    3rd Jun, 2019
    Posts:
    65
    Location:
    Melbourne
    Hi All

    I wanted to get the thoughts of people on this forum for a business that myself and my business partner are starting up in the above field.

    Firstly a little about us
    I have a double Bachelor Architecture and Construction management and also 5 years experience as a real estate agent i now work as a project manager for a residential construction company, My Business partner is straight real estate agent and is the leading agent in our area.

    We want to eventually have the cash flow or equity to conduct our own sub divisions and developments but want this to be built up by the company cash flow.

    To begin i feel like there is a missing piece in the whole renovation field between architect (Who worries about design and functionality), Whereas a real estate agent is about maximising value of a property without thinking about functionality. I think there is a middle ground where you can make sure you have not over capilisied in the market you are in and make your home worth maximum value but also make it your so called dream home or good enough that you can live there for a foreseeable future.

    Before people say there are business out there, your right there are but alot of them do it on the idea that you are getting your house ready to sell and you pay them on settlement. I know alot of people that want to maximise the value of their home but not to sell it but so they can leverage that value into other assets, or want to do the work but are to scared to over capitalise and get stuck into a corner with no way out if they decide one day that this is not the house for them.

    We would also allow the option to pay once the work is done, or if they are set on selling when settlement occurs.

    We would offer a range of services from - Consultations, design, manage, completing depending on how handy the person is or what they would prefer us to do.

    I myself have bought a few houses which i have later sold at a profit due to minor additions (whether its pain, move a wall, bathroom reno, tiling. The house i am in now i bought for 745k (2019, repainted the house and rendered it (Cost me 6 grand) and immediately revalued for 850 (2019), is now valued at 1.1m.

    I know alot of people on here know there stuff and wouldnt require the service but i beliueve there are a heap of people out there that obviously not only dont use this site but also are not sure how to proceed or what to do.

    Whats everyones thoughts ? Is there things i could improve on the idea? Loopholes im missing? Any opinion would be greatly appreciated. hopefully i have explained it well enough. Obviously a heap more to do to iron out the finer details but wanted to get the forums opinion on if this is something worth pursuing before i sunk way to much time into it.

    Thanks in advance
     
  2. Blessing Matshaka

    Blessing Matshaka Well-Known Member

    Joined:
    8th Mar, 2021
    Posts:
    79
    Location:
    NSW 2121
    I could use people like you at the moment, I’m sure a lot of people could too. Just consideration to pricing as we’re obviously trying to save as much as we can while maximising value. Definitely a great idea
     
    Anthony B and ThaRealJaySnell like this.
  3. ThaRealJaySnell

    ThaRealJaySnell Well-Known Member

    Joined:
    3rd Jun, 2019
    Posts:
    65
    Location:
    Melbourne

    thank you for that, since this post i have made the switch and working as an architect with a real estate developer who does large mixed use developments. Its funny last week i decided the time was right to get everything set up.

    Yeah completely understand that i need to make sure the pricing justifies the service as i dont want to alienate people who then think they will save more doing it themselves.

    What would you think from your perspective would be far and reasonable ?

    I think in the beginning id offer three different packages


    1. being a quick consultation and advice (like a quick report)

    2. would be consultation and concept plans

    3. would be consultation and full report (Includes concept plans, finishes schedule and renders) Would also be over a couple meetings.


    In the beginning i want to stay away from doing any actual plans used for construction due to the work involved and it goes from being a consultation service to a construction service (which once we are big enough or the idea takes off will begin to offer that and a project management aspect) but dont want to dive to deep into this in the beginning.

    Any thoughts would be greatly appreciated.