In a recent video on my YouTube channel, I show you around my £3 million house refurbishment. We bought the house from our landlords because we decided it was somewhere that we wanted to live long term. Now we think it is time to make it our own and completely redesign the whole place. Buying a property to live in is a luxury purchase because it does not bring in cash-flow. That’s why I have always rented before.
Watch the video (above) until the end to see exactly what I have done with the place. In this article, I will highlight some of the main things I have done with the property and why. At the end, I will also give you the opportunity to learn how to start investing in property and generate your own stream of passive income.
New recording studio
Most people need a garage to store tools, lawnmowers, etc. but I outsource those sorts of jobs to other people. I don’t really need a garage for cars because we have good security. So we decided to convert the garage into studio space for my YouTube videos. We are installing a small bathroom and even a kitchen, so it will be perfect for Winners On A Wednesday guests.
When designing your dream home, you need to think about what you want out of it. Just because most people have things a certain way, it doesn’t mean it will suit you. You need to think about what works best for you and your family. That said, make sure any changes you make do not harm the resale value of your property.
Spending where it matters most
I am a big believer in spending to increase your everyday comfort. You spend 8 hours a night in bed, so make sure you have a good one. You spend family time in the living room, so spend the money to have a great sofa. That’s what we have done as part of our makeover. Allocating your budget to focus on where you spend your time will help you to make the most of your home.
Even if you don’t have a big budget to begin with, you can make the most of it by ensuring you think carefully about which rooms and items you use the most. Choose cheap options for the things you use the least and premium options for the things you use the most.
Passive income and buying your first home
As I mentioned earlier, a house to live in is a luxury purchase. This is because the money you use as a deposit could be used to buy a cash-flowing asset. Buy a rental property and start making passive income from it. Overtime, expand your portfolio until you can buy a property to live in with the passive income. Then, if you really want to own a home to live in, go for it!
If you need any help getting started as a property investor, I have a training day coming up. Tickets are just £1 and you can book one here. I hope to see you there!