There are avid renovators and then there’s Cherie Barber — a queen amongst men and women in the field of flip. Over the past two decades, the property expert has honed her renovating prowess, tackling more than 50 of her own projects and many tips to share.
With her series, Five Day Flip and a new “Interior Design for Profit” online course in the works, we ask the DIY doyenne for the secrets to her success. Whether renovating to add value or to enjoy for years to come, keeping a close eye on the bottom line is always smart. This is the renovating-gospel according to Queen Cherie.
Never pay too much for the property to start with — it will be almost impossible to claw that money back and still make a decent profit. Purchasing at the right price requires research and due diligence checks to come to understand what properties are worth in the suburbs you’re sizing up.
Watch out for remedial works at the time of purchase. These can turn out to be costly fixes. A building inspection is your best friend here.
Avoid overcapitalizing on a home – pouring more money into your renovation than the property is worth. As a rule of thumb, don’t spend more than 10 percent of the current value on cosmetic renovations.
Always get three quotes for jobs – it’s the only way you’ll be able to properly evaluate the true cost of works.
Shop around to make sure you’re buying all your materials at the best price possible.
Factor in delays and plan for disasters. Weather, unforeseen defects and overbooked laborers can cause work to drag out. As can materials that fail to to turn up on time.
DIY where you can. A fresh coat of paint in a modern color palette can give you a worthwhile return on investment. And the best thing is, you don’t need to hire laborers, as long as you have the time, skill, and patience to do it yourself.
This article originally appeared on our sister site, Homes to Love.