Forever Family Home building or renovating VS Flipping for Profit - Episode 7 (Season 9 - KEEPING IT REAL)
Manage episode 232830021 series 2151310
Renovating or building your forever family home is entirely different to flipping a home for profit - but not in all the ways you think.
Many homeowners seek advice and guidance from reality TV and online renovating or building experts who are flipping homes for profit. It can be a misleading way to seek help for your forever family home.
Flipping and forever are very different mindsets. When you’re creating your forever family home, the significance of what you’re doing can be overwhelming.
If flipping the home, there’s a certain freedom that comes from knowing you won’t be the one living with the consequences of your decisions. Decisions don’t seem so consequential - not for you anyway. This is entirely different to the exercise of building or renovating your forever family home.
I see homeowners unable to be detached or objective about the outcomes they’re choosing for their forever family home.
In a previous episode, I talked about the emotional baggage we bring to the process of creating our forever family home. Whether building or renovating, we will attach a huge amount to the realisation of our home dreams. There’s memories, status, future hopes and dreams, current achievement, identity … the list goes on. And those factors can mean we are VERY attached to the outcomes we’re creating in our projects.
As a result, every decision can feel BIG. Like it’s the thing that will make or break our hopes and dreams. From a bathroom tile, to the size of our living space, all choices can overwhelm and consume us with their significance.
This is entirely different to the exercise of flipping for profit. With profit as your objective, decisions have a compass, a goal to achieve. It can bring a clarity we lack in the emotional process of building or renovating a forever family home.
Even when online or reality TV building or renovating experts are doing their own homes, they approach it with a different mindset to the average homeowner. I see this play out in my own experience, as well as what I see happening in the industry.
As a homeowner, you mostly likely want this to be the first and last time you ever tackle a renovation or building project. Operating outside of your comfort zone, making such a big financial investment, and feeling under pressure … well, who would sign up to that again, hey?
Homeowners instead face every decision they make with the weight of regret. Will this be the wrong choice for our family? Will I come to dislike this in the future? Will my house look dated over time? Will this be a terrible frustration we get annoyed by? Will people think I’m foolish because I didn’t get this right?
For some reason, we believe that we should be good at this … that it’s something that should come naturally to us.
However, it’s not the case. And when we’re looking to those who are flipping for profit as our advisors, we can be seriously misled in our own journeys.
Give yourself permission for this to feel like a big deal.
This is your forever family home you are building or renovating. So decisions will feel big, and you’ll worry about regretting your choices. Listen to the podcast as I help you navigate this, and share where to get support from so you can find the process enjoyable and empowering.
This episode is brought to you by my online course “Manage Your Build”.
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