Once a budget is established, allow a contingency based on your experience level and extent of the renovation works. Remember, renovating is full of variables that not allowed for could quickly make your project unfeasible.
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Tailor the renovation for the target market. Becoming an expert in the area by attending property inspections of similar properties, discussing the expectations of the tenants with local real estate agents will help determine the scope of works for your renovation. By knowing what the market expects, you can tailor the works to suit that market and therefore not spend on things that may not bring a return on your dollars.
First impressions matter.
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Natural light, fresh paint, new floor coverings and window furnishings go a long way towards transforming a tired old property into something that will be sort after. Often, it's the little things that can make or break a successful renovation. Neutral colours allow tenants to create their own identity with their belongings. Dominant colours and textures tend to close in the wall and makes spaces feel smaller than they are.
Kitchens and bathrooms sell properties. Beware diluting your dollar by doing half the job. When assessing the scope of works for your renovation, keep in mind that the two big ticket items, the kitchen and bathroom generally come a package deal. If you renovate the kitchen but leave the original tired and rundown bathroom, it will devalue the kitchen, and vice versa.
If the budget doesn't allow for both them, it may be worth deferring renovation works until the budget is healthier or consider undertaking a smaller refurbishment to include repainting, floor coverings and window furniture or air-conditioning to improve the first impression and the feel of the property.
Avoid DIY. TV shows like the block glamorise and simplify the renovation process. Remove the emotion. Adding value to an investment property or a flipper should be run like a business. There's no room for latest fad in design and you shouldn't be trying to make the cover of Belle magazine, that's for your own home.
The purpose of renovating investment properties should always be about maximising both the rental return and capital value of that property.
The Insiders Guide To Renovating For Profit
Get a good team around you. Renovation involves coordinating various tradespeople all of which are managing a whole lot of other 'jobs' at the same time. Spectacular Failures. American Public Media. Andy Frisella to0.
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The Dave Ramsey Show. Ramsey Solutions. Planet Money. RISE podcast. Rachel Hollis. Property Podcast. Property Investory. Smart Property Investment Podcast Network.
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Smart Property Investment. Real Estate Talk. Kevin Turner.