From Homeowner to Experienced Renovator:
My Journey to Building Wealth Through Real Estate
As a long-time resident of Melbourne, I’ve always been passionate about property and the potential it holds for creating wealth. My husband, Darren Chan, and I have been fortunate to experience firsthand the incredible power of combining rising real estate values with strategic home renovations. It’s a winning formula that I believe every homeowner and investor should be aware of, and I’m excited to share my journey with you.
Key Takeaways
- Leveraging the booming real estate market and strategic home renovations can generate significant wealth
- Focusing on high-growth areas and timing investments carefully are crucial for success
- Thorough due diligence to buy the right property with strong potential is essential
- Developing renovation skills can add tremendous value to your property and increase its appeal to potential buyers
- Partnering with a supportive and skilled team can make a difference in your real estate journey
- Investing in education and surrounding yourself with a supportive community can accelerate your growth and success
The Dynamic Duo: Leveraging Our Strengths
When Darren and I first started out, we were just like many other couples – eager to build a future for our family together but unsure of how to navigate the complex world of real estate.
However, as we began to educate ourselves and take a more proactive approach to our property investments, we quickly realised the incredible potential possible by utilising the power of renovation.
I was fortunate to have a partner who supported my passion – and at times obsession for real estate.
Darren kept his corporate job, while I managed the expanding Scott It Made renovation business and proved we could transform properties and build wealth along the way.
We also have two young daughters, who have also become enthusiastic team members in our family real estate adventure!
Mastering the Art of Home Renovation
One of the key insights we gained early on was the importance of developing renovation skills. As I developed my knowledge of the world of home improvements, I discovered a passion for transforming spaces and adding value to our properties. Over time, I’ve become an accomplished home renovator, learning the ins and outs of what it takes to create beautiful, functional homes that appeal to potential buyers.
The Power of Education and Community
A significant part of my growth as a renovator can be attributed to my involvement with The School of Renovating and the She Renovates community. As an active member of these groups, I’ve gained invaluable knowledge, skills, and confidence that have allowed me to tackle renovation projects for both our properties and my clients. The support and guidance from this community have been instrumental in my success.
Bernadette Janson, founder of The School of Renovating, has been particularly influential in my journey. “It has been exciting to see Lucy’s growth and development as a skilled renovator,” she shares. “She has embraced a bold vision for how to grow wealth for her family and her clients through renovating.”
This recognition from a respected industry leader is a testament to the power of education and the importance of surrounding yourself with a supportive community.
Timing the Market and Focusing on Growth Areas
Another crucial aspect of our success has been our ability to leverage the booming real estate market. The Herald Sun article notes, “Covid had also contributed by triggering stimulus schemes like the federal government’s HomeBuilder grant, and boosting buyer demand, particularly for sea change havens like the Mornington Peninsula.”
By focusing our efforts on high-growth areas like these and carefully timing our investments, we’ve taken advantage of the growing demand and saw our properties’ value increase.
Even with a favourable property market, I am very focused on the power of due diligence and the need for a thorough feasibility study for every property purchase and renovation budget. Bernadette Janson has been an amazing mentor for me in my journey.
The Power of Property: Earning More Than Your Salary
Perhaps the most exciting aspect of our family real estate journey has been the realisation that our properties can earn more than our salaries.
As the Herald Sun article points out, “Homes in 145 Melbourne postcodes are earning more than their owners on average – in some cases, by hundreds of thousands of dollars a year.” It’s a testament to the incredible wealth-building potential of real estate, especially when combined with renovating. It’s something I believe every homeowner and investor should be taking advantage of.
Our Family Formula for Real Estate Success
So, what does it take to replicate our success? Based on our experience, there are a few key ingredients:
- Educate yourself and stay proactive in the market
- Focus on the right areas and the right property, time your investments carefully
- Get support from experienced renovators to guide you through the process
- Develop your renovation know-how, even if you are not ‘hands-on’ with a project
- Get support from a partner, a team or a community to maximise your potential
- Invest in education and surround yourself with a supportive community
- Stay committed to your vision and be willing to put in the hard work
By following these principles, I believe anyone can unlock the incredible power of real estate and set themselves up for long-term financial success.
It’s been an amazing journey for Darren and me and our daughters, and I’m so grateful for the opportunities that property investing and renovating has provided us.
If you’re ready to start building wealth through real estate, there’s no better time than now to take that first step.
I’d love to chat with you about the opportunities you are considering. Call me or reach out on WhatsApp.
