After my first instalment you have probably lost countless hours of sleep desperately seeking answers to the following cliffhangers:
- Did *wealthy chick #1 purchase the ‘70’s retro apartment in North Sydney?
- Did wealthy chick #1 get over her inability to ask for help?
- Did wealthy chick #1 find research interesting and sexy?
* Wealthy chick #1 is what I will be calling myself from now on until I absolutely, totally believe it. Feel free to use wealthy chick #2 to infinity if this helps you believe you are, and deserve to be, a wealthy chick.
I’ll give you back your sleep, here are the answers and I have mixed up the order because I can and it keeps you on your toes.
Did wealthy chick #1 get over her inability to ask for help?
If we go back to the last instalment we learnt that this” asking for help” gig is not a quick fix, it’s a process and all processes have stages, they take time, and I am on stage 1. Okay, okay the short answer is no.
I have, however, been delighted to discover that when I talk about my renovation goals and limitations, people freely offer their help and advice. I have put aside my worries about sounding stupid, listened avidly, asked questions and accepted generous offers of help.
Did wealthy chick #1 find research interesting and sexy?
Bah ha ha, tummy hurts from laughing. On a serious note this leads me to the title, I went “back to School”, the fantastic School of Renovating, as education is key to conducting the right research.
I was the cool chick sitting at the back of the classroom, texting the cute guy, getting straight A’s. Reality is I got the start time wrong, was late on day 1, got the last seat, at the back, and I was not texting cute guys. If there was an exam I am sure I would have got an A, a B+, did I at least pass with 51%?
I loved going back to school, aside from still not being the cool chick, when, when will this happen? I dutifully attended my lessons, loved learning from the generous Bernadette Janson and met an awesome group of people who are also renovating.
I still don’t find research “Brad Pitt” sexy, but it is certainly far more interesting to know what to research and why.
Did wealthy chick #1 purchase the 70’s retro apartment in North Sydney?
Actual photo, and what renovator can resist orange 70’s wallpaper, in the kitchen, where all good orange wallpaper should be, matched with green tiled counter tops? Swirly shag carpet, blue tiles in the bathroom, all beautifully squished in to under 40 square metres, totally irresistible.
The answer, “groovy baby”, no-one could resist this, and even better there were two apartments in the same complex, so the next obvious question is, should I buy and renovate two, at the same time?
Whoa wealthy chick #1, let’s slow down on the action and dial up the research.
I used the skills I acquired at “school”, asked for help from a friend that led to me touching base with my banker and decided North Sydney and properties this small do not fit my renovating goal of making a profit.
Asking for help reminded me that most banks have restrictions on lending to properties <50 square metres. The same restrictions will apply to my potential buyers, so asking for help and research does work. Thankfully, or the “research” theme running through my first blog was looking rather silly.
My first auction – and a fleeting pat on the back for me
I decided not to let the groovy apartments go to waste and I went to my first property auction. With no intention to buy I was still worried my random hand waving would result in a successful bid! Relief, you have to register and get a numbered card to bid, hand waving problem solved.
Is this proof that some of my fears about renovating are just in my head, and don’t match reality? Interesting, we’ll explore that in later instalments.
The property expected to sell for $380k to $418k. If I was bidding I would be happy to pay up to $380k. The bidding starts at $350k and quickly gets to $370k, where it’s passed in. Auction over, not nearly as exciting as a TV auction and I felt underwhelmed.
I later learnt the property sold for $380,500, and I felt quite proud, and smart, like really SMART, that my instincts for price were spot on.
Fast forward a week, official interest rates are cut by 0.25% and the second apartment is auctioned and sells for $458k! Are you kidding me, it’s nearly the same apartment, in the same ’70’s condition, granted it’s a curable condition, but one that requires a financial injection.
I no longer felt proud or smart, so I am back to worrying that Sydney prices will defeat my renovation dream. I am planning my pity party, and you are all invited, although with my readership of 1 it’s a party for me and my Mum!
STOP, it’s hammer time! I go back to research, back to positive thinking and most importantly I stop putting unnecessary time restrictions on when I have to buy and renovate a property.
I absolutely agree that goal setting works well when you have a date to achieve the goal, although as an action person this wealthy chick needs more self- love and will no longer be so hard on myself when I don’t meet my manufactured and unrealistic timeframe.
Epic pity party cancelled, invites revoked, sorry Mum, another time. The quest to find the perfect renovation property continues.
See you on the renovation flipside.
PS: a recent quote that I think we can all learn from: