Making Your Own Luck on a Small Budget in Geraldton

Louise Woodcroft flew west for work, found a regional market most buyers were ignoring, and turned a tired house into a sold one in a single summer, doing most of the work with her own two hands.

DEVELOPHER: Louise Woodcroft, Nest Property Renovations (@nestpropertyrenovations)

LOCATION: Geraldton, Western Australia

BUILDER: Louise did most of the work herself. Local trades.

ARCHITECT: Not needed. A cosmetic renovation on the existing footprint

Not every project needs a big budget to look and feel expensive. That has always been our view at BuildHer. What matters is knowing where to spend, where to save, and when not to do something at all. Every purchase should pass one test: will this item give me a return in this market?

Louise Woodcroft’s flip in Geraldton is that idea in practice. She was in Perth for a work project, saw a market that was still moving, and went looking for the corner of it other buyers had overlooked. She found it in Geraldton, a regional city north of Perth, and bought a house that needed nothing structural and everything cosmetic.

What followed was a refresh-don’t-replace renovation on a small budget. Paint, floors, lighting, a new kitchen and bathroom, and a tidy-up outside. Louise is a DevelopHer, and she ran it the way we teach: research first, feasibility second, plan every week before you have the keys, then move. She did most of the work herself and sold for more than she had thought realistic. Was it luck? She would tell you luck only turns up for the women who have done the research.

Louise shared her story with us – over to her.

What were your thoughts going into the project?

I was over in Perth for a work project, so I wanted to take advantage of the market while I was there and do another flip. WA is a market where prices are still growing. The Perth metro market is extremely competitive, but I found the regional area of Geraldton to be a hidden opportunity.

Was it always going to be a quick flip, or did the numbers just stack up?

Both! I’m a typical millennial, so waiting and patience are not always my strong point. I knew I wanted to do something fast so I could ride the rising market at the same time as adding capital value, and the numbers on this project matched the brief well.

I had been researching for about three months by this point and had missed out on a few offers already, so I knew what I was looking for and how the market was playing out. I wasn’t afraid to rule options out if they weren’t going to be viable. Plus, I had limited annual leave available to use. You’ve got to maximise the time available!

I wasn’t afraid to rule options out if they weren’t going to be viable.

What were the main changes, and how did you stay budget-savvy?

This was purely a cosmetic renovation using the existing footprint of the house. Every wall and ceiling was painted, new flooring went throughout, new fans and lighting were installed, and I put in a new kitchen and bathroom. Outside, I painted the gutters, eaves and driveway to tidy things up.

I did most of the work myself to keep the budget down, and I used the settlement period to plot out my schedule and pre-order all my materials. It meant everything was on site when it needed to be, all of my available time was productively allocated, and I could shop around for the best buys on the items I wanted. Who would have known Everyday Marketplace sold brass tapware!

Knowing my target buyer was really important so I didn’t overcapitalise. There was no point putting in fancy Smeg appliances when the Bunnings brand was going to achieve the same result.

Where did you spend, and where did you save?

The biggest spend went to the kitchen. It was the area I knew was going to make this property stand out from the other stock on the market. But it also had my biggest saving: the kitchen splashback. Those beautiful tiles were on clearance from Bunnings, so they cost next to nothing. I did the tiling myself to save on labour, and to keep learning and developing my skills, and it was the feature that got the most compliments.

What went really well?

The project ended up selling for more than I had thought realistic. The agent wasn’t even sure the valuation would come back that high for the buyer’s financing! The planning during settlement really helped me hit the ground running as soon as I had the keys. Yes, there was a bit of luck involved, but if I hadn’t done my research and planned meticulously, I wouldn’t have been able to seize that luck when it came.

Preparation and research are the key to luck. No one gets lucky by doing nothing.

What didn’t go so well?

It was harder to find trades than I realised. No one uses Airtasker or hipages in Geraldton, so I had to actually pick up a phone! Trying to find someone local to remove an asbestos fence was going to delay the project by five weeks, so I ended up finding someone willing to travel up from Perth to do it. That only delayed me a week.

What were your learnings and takeaways?

The research, your feasibility and your planning really are the keys to success. We talk about them a lot, but they will make or break your project. Be patient and do them properly. And you’ve got to back yourself! Don’t let self-doubt creep in, don’t worry about what other people think, give it a go and have fun.

What is next for Louise?

Louise is relocating to Queensland, so very shortly she will be back on the hunt for the next project. If Geraldton is any guide, the research will be done before the removalists arrive.

Louise’s project shows what a small budget can do when every decision has to earn its place. So where would you spend, and where would you save?

Feeling inspired by Louise’s project and want to start your own, or thinking about renovating for a profit? We’d love to help you! Book a chat with us today.