Property Investment: Develop it yourself part. 2 - Renovation

Dec.11, 2008 in General

Property Investment: Develop it yourself part. 2 - Renovation

Another way also developing the property by your self is finding existing property and renovates it. Maybe it’ been 5 or 10 years built with old style. This has never been easier. I was ever once involved in this kind of project.

A French guy who owns garment business and art shop in Bali found old property. There are a lot of works to do because it was damaged right and here. We start to make a concept of design. Meanwhile he also worked first to renovate the pool. He started contacted his own contractor, guy he has known long. Breaking all old things, change the interior, sourcing for the material and interior furniture, searched around Denpasar to find good landscapes. And finally he finished it around 1 year work, for some material like ulin wood needed to be waiting from the supplier. Maybe a little bit crazy. But now he just enjoys the result. He let the property operator market the property get revenue from property rental. Last time I knew it was $ 300/night.

How could you do things like this?

1. You have lived at that place several years.

2. Have good relationship with local workers; of course the ability to talk in local language is a plus point.

3. Dare to negotiate with everyone in local area…but don’t be too economic, or it will take too long to finish your property project.

It is just an option. It’s all up to you to choose better way of yours.