There’s power in reflecting on the journey and celebrating the wins. . . . .
Hi, welcome back to the series 7 Renovation Lessons Learned by a Financial Adviser. Which is me, Luke Hanson Director at My Financial Design.
Lesson number 7: Celebrate your success.
Hopefully, by the time you get to the end of the renovation, you’ll want to celebrate. If you’re a bit like me, it kind of dragged on longer than you thought and took a lot more energy and time than you thought. You kind of felt like you were crawling over the finish line, but you’ve got to make sure that you celebrate that success no matter how you feel, whether you feel on top of the mountain or whether you feel like you’ve just made it through with every last ounce of energy.
But make sure you celebrate.
There’s been probably a few other loved ones along the way that have been part of the process. It might be a spouse, it might be parents or kids or whatever that family situation looks like for you or friends and family who have involved themselves along the way and helped out, make sure you celebrate with them, for them, together. It’s a big thing you’ve just achieved, it’s been a renovation.
Not too many people undergo that. Or if you do, hopefully not too many times throughout your lifetime, but it’s a big deal. So make sure you sit back and think about all the hard effort you’ve put in all the money you’ve put in. Perhaps the physical labour you’ve put in. I know for me, I was planning to do a couple of little things to save time from some of the trades.
I thought it would take a couple of days. For example, the demolition of a kitchen – that came out pretty easily and it got done in kind of half a day and I had my brothers helping me. But other little things like taking up vinyl flooring that was glued down. I thought I’d get done in half a day. And all of a sudden, I think it was six half days it took me to get all those vinyl tiles up and all the glue-up, and it was a mess and it was a drama. So when you get to the end celebrate. You’ve put a lot of hard effort and sacrifice in and you’ve got to look forward to what the future holds.
If that’s an investment property, hopefully, an increase in the rental yield. For me, I went from $340 a week to $400 a week that I was able to generate back in rental income. So that’s worth celebrating.
Or perhaps you’ve done your own property up and you want to have a few friends and family over to come and enjoy what you’ve done and share the stories of all the things that went wrong and things that went right. There’s always a story in a renovation project. But make sure you take time to celebrate. You’ve done a great thing and you’ve achieved something that’s really good.
So pat yourself on the back, enjoy yourself and enjoy that process. So that wraps up the 7 lessons of a, me, a financial adviser learned renovating my own property, but yeah, as always stay tuned, I’ve got lots of videos coming up on all sorts of different topics. But I hope this series has been quite helpful.