93 Hill street, Leichhardt, Sydney – a masterpiece in the making

93 Hill street Leichhardt, Sydney New South Wales

Former glory - 93 Hill street Leichhardt, Sydney New South Wales

“The greatest risk of all is not taking any risk at all”
– Cherie Barber, arguably Australia’s top professional renovator

Cherie Barber has a burning passion for turning run-down and dilapidated properties into multi-million dollar creations by weaving her magic and vision which is based on a systematic 8-step approach to property renovation.

This original double-fronted freestanding Victorian home on 400 sqm of land in the inner west Sydney suburb of Leichhardt with a side driveway and a two storey brick studio / warehouse garage was vacant and awaiting someone with a vision to give it a complete make-over.

Cherie Barber stumbled upon this house while walking past on her way to buy some cupcakes. Instead of coming back with the cupcakes, she put in an offer to buy the house and contracts were exchanged within days.

Being a professional renovator, Barber understands that time is valuable money on every one of her projects. Longer settlement times coupled with early access clauses give her a quantum leap ahead in terms of holding costs and lead times. This property with its tired and dated interior is being turned into a 4 bedroom luxury home complete with plasma TV screens, 9 metre open plan gourmet kitchen with breakfast corner, option of a separate commercial home office, north-facing master bedroom overlooking a swim spa and private lawn.

Her insignia for most of her renovations is to create the “wow” factors:

  • Large open plan kitchen that combines modern chic with practicality such as ample storage and breakfast areas.
  • Large bathrooms with good features and design.
  • Seamless integration of outdoor features and entertainment areas with internal living spaces.
  • Practical use of space that incorporate contemporary design.
Cherie Barber & Stephen Tolle

Cherie Barber & Stephen Tolle

Cherie Barber and her partner Stephen Tolle started their first renovation on their own home back in 2000. They bought six properties in their first year of renovating properties and made a totalof $1.16 million.

Since then, they have bought and renovated 36 properties worth over $45 million dollars. Cherie and Stephen are the founders of Renovating for Profit where they impart their knowledge and experience to students who are passionate about taking renovations as a weekend hobby to a professional level.

Why is renovation so popular in Australia?

Passive vs Active approach to creating value

Renovating a property is about upgrading, repairing, refreshing and creating perceived value that is greater than the actual cost of the renovation. Many Australians renovate their homes firstly to provide a more comfortable and usually larger living areas. The secondary purpose is usually to increase the capital value of the home upon a successful renovation. The traditional and still the most popular form of property investment is to buy and hold, in the hope of capital growth over the long term. However, there is a new breed of active property investors in the market who are actively looking for tired and old houses which present good opportunities to upgrade and increase the value. These investors have a systematic approach to ensure the risk of making mistakes are minimised and hence, they maximise their chances of returning tidy profits from each renovation project they undertake.

Cherie Barber

Cherie Barber - "I couldn't afford a job!"

Cherie Barber’s 8 Systematic Steps of the Renovation Process

Cherie Barber, popularly known as Australia’s “Renovation Queen” is arguably the most successful professional renovator in the country. attributes. She threw in her full time job some 10 years ago when she renovated and sold 6 houses in her first year as a professional renovator which turned in a profit of $1.15 million. With 10 years of solid experience and many millions dollars in profits later, Barber attributes her success to an 8 Systematic Steps of the Renovation Process. This process is meticulously followed to ensure a consistent approach to the renovation process which attempts to eliminate most of the big risks associated with each project, regardless of size and complexity.

1. Target an area / location to specialise

2. Conduct suburb due diligence

3. Conduct property due diligence

4. Analyse potential and project feasibility

5. Acquire the property

6. Create higher and better use

7. The renovation process

8. Project completion and sell-off

Cherie has also written a chapter entitled Renovating for Profit in the book Think and Grow Rich in Property.

Cherie Barber – Australia’s queen of property renovation

Cherie Barber

"I cannot afford to have a job!" - Cherie Barber

Cherie Barber is a full-time professional renovator and highly sought after public speaker. In 2001, Cherie threw in her full-time marketing job at the end of her first renovation, which saw her earn more money on the weekends renovating than her full-time employment.

Albert Wong with Cherie Barber

Albert Wong with Cherie Barber

In her first year of her professional renovating career, Cherie bought, renovated and sold six houses with a combined value of $6.3 million. She did this with no stable income, no job and little money behind her. Having gained a first year profit of $1.15 million, this phenomenal result lead Cherie to taking on property investment, renovation and development as a serious business. With a solid decade behind her as a full-time renovator, Cherie has personally renovated 26 properties and have been involved in countless property deals well in excess of $50 million. The tremendous success achieved by Cherie is attributed to a disciplined, business-like approach to her property projects, complimented by a systematic step-by-step approach which she personally developed to enable her to follow a logical process in the projects she undertakes. She developed her own unique due-diligence system, has intimate knowledge on property values in her targeted suburbs and is skilled at adding maximum value for the least cost possible. She consistently breaks sales records in her area and says the key to achieving this is by identifying market needs, delivering a product to satisfy that demand and creating the “wow factor” in properties that get owner occupiers emotionally attached to the property prior to auction.

Cherie’s passion and skills in property make her a favourite contributor in the Australian property media. She is constantly featured in television, live radio, national and suburban newspapers, front covers of countless property investment and renovation magazines, internet, expo’s and talk show programs. She appeared as a regular TV renovator for Channel Seven’s Today Tonight program and is widely acclaimed as “Australia’s Renovation Queen”. In 2004, she completed a 6 episode renovation series with Channel Seven which put her skills and knowledge to the test in full public display to a nationwide audience. Cherie has also authored and co-authored several books.frontcover-australianhandymanmagazinejune2009-001 Unrivalled in what she does, Cherie is Australia’s top renovator, continuously averaging a staggering $300,000 to $600,000 profit on every property she touches. With each property taking just 3 to 5 months to complete, she firmly proves that lucrative profits can be made if you know how to renovate the right way.

In 2009, she established Renovating For Profit, a company designed to teach everyday Australian’s the nuts and bolts of renovation as a profession. She now juggles full-time renovating with her national public speaking and business commitments and believes that once you have the right knowledge, anyone can do this!

I met Cherie recently and what is inspiring despite her obvious skills and success in her work is her passion to help others who are in need. Her love for children and animals has seen her make direct contribution, whether financial or otherwise to the RSPCA, buying wheelchairs for hospital patients and helping out needy families and children with health disorders.
.

Cherie has also written a chapter entitled Renovating for Profit in the book Think and Grow Rich in Property. This book brings together six experts in creating wealth through property.

Related Posts Plugin for WordPress, Blogger...