It’s going to vary a lot on your experience, because obviously the more experience you get and the better your trades team is, you’ll find you can do the renovations much quicker and therefore you can pump them out much faster.
The other factor to consider is how much work you’re doing. If you’re doing a simple tidy up, it’s obviously going to be a lot quicker compared with a full renovation where you’re putting in new bathrooms and kitchens. Outdoor areas can also affect renovation duration, because if you’re doing a lot on the outside that takes time. However, in saying that, the outside works can be happening while the inside renovation is actually occurring.
So, why is it important to know how long we’ll be holding the property for? Because, your holding time is going to determine how much interest you’re paying either the bank and or money partners.
With money partners, typically I always allow six months in my loan agreement, however, I know that I’m typically going to be in and out within three or four months. Therefore, It’s important that you have a clause in your loan agreement that you can pay out your money partner sooner if needed. You also don’t want to be in a position where you have to go back and ask your money partner for an extension.
