5 Top Renovation Tips for your investment property
HGTV is interesting not just because of the personalities, but also because of the motivation they bring to one day realize your renovating aspirations. Of course, when it’s condensed into a neat 60-minute episode, it can all appear to be a pleasant project, and some of the most critical lessons may be missed. There are five things to keep in mind when renovating your home, just as there are five things to keep in mind when renovating any other property.
- Set a budget and stick to it
Don’t hurry through house magazines or Pinterest before making a budget. It doesn’t have to be difficult. To keep track of everything, simply create an Excel document with your budget and current spending. Painting, flooring, appliances, lighting fixtures, other fixtures such as ceiling fans, and major jobs such as waterproofing and tiling replacing are all possible additions. To accommodate for probable time and money overruns, your budget should include a 10% contingency.
- Set realistic timelines
Timelines are one of the most difficult aspects of renovations. You’ll need to coordinate the timing of various jobs and trade access, as well as access to everything people need to do their jobs. This entails having all of the materials on hand and ready for tradespeople to begin working as soon as they arrive on site. When gathering quotes for your project, get a time estimate from each trade and make sure you’re clear on what they need to get started at your property.
- Hire professionals where it’s needed
It can save you time and money if you have a trade, a close friend, or a family member who is willing to work on your project. However, if you lack the necessary skills to complete certain aspects of your renovations, you may end up spending more money in the long run if you attempt to DIY too much. Sure, doing the painting yourself is a simple task, but you must also rely on professionals. This is especially important for electrical work or anything else that could result in costly damage if not done correctly.
- Stick with neutrals
Your future tenants want to be able to personalize your investment property by furnishing and decorating it. Keep paint colors, fixtures, and fittings in a neutral palette. This is also likely to save you money because you’ll be selecting options that are commonly available from suppliers.
- Have a vision before you start
Before you begin, as with any project, you must have a clear vision of your end goal. Keep images for inspiration so you know what you want to accomplish. Pinterest, real estate listing websites, display homes, and magazines are all excellent sources of ideas.
A successful investment property renovation can help you achieve a higher rental yield and better-quality tenants. Knowing where to invest your money in renovations and what should be saved for a future project is the key to maximizing your returns and achieving your long-term wealth-building goals. Keep the aforementioned tips in mind as you plan your renovation to achieve the best results possible.
Remember, this article does not constitute financial or legal advice. Please consult your professional financial and legal advisors before making any decisions for yourself.
