Anyone with an Investment Property will, at some stage, need to complete some renovation work. Whether it is just bathroom or kitchen, inside and/or outside. There are some tips you should follow to assist with getting it right to add value and keep costs down.
The first thing to be done is to write out your plan of action. What are you needing to do to bring your property up to spec, or what is required if it is just afreshen up. If you don’t keep a close watch on what you are wanting to achieve you may find your costs blow out. It is possible to save time by having more that one contractor on site at the same time, i.e: you could be having bathrooms or laundry being updated inside while you are also having exterior property landscaping or painting also being completed.
It is a good idea to obtain several quotes before deciding on who you will contract your work to. Keeping control of your budget is very important. It is a must to run a budget program running a full list of all expenses and keeping a full list of all quotes accepted for work. It is also a good idea to confirm with any contractors their time frame for completion of works, so if you have tenants waiting you can ensure that the work is carried out in a timely matter.
When you purchase an Investment Property shop around for as they say “The worst house in the best street”. This should ensure that even if something happens and the renovation falters or fails – you should still be guaranteed of some capital growth. It pays to keep your finger on the pulse and an eye on the market to understand the value of your investment – this should help you ensure that you do not over capitalize on your investment.
Remember the most important focus – don’t buy fixtures and fittings just because you like them without considering the cost, this is your investment. So, whilst you may like that Crystal Chandelier and the lovely spa bath – this is not your home so your personal taste should not come into it. Inexpensive fittings do not necessarily mean poor quality but does ensure that your costs are reasonable and the property is adequately fitted out.
You may not consider yourself a ‘Handyman’, but, there are actually a lot of jobs in your investment property that you can tackle yourself. The simplest tasks are painting and landscaping. There are other tasks that you can also do that will definitely keep costs down and are not beyond the average person’s “Do-It-Yourself” skill level.
We have all seen shows like The Block or House Rules. It is surprising how much you could actually do yourself and not have to pay a professional! The important thing to note is how much time you have to personally put into the work needed in your investment property. If you are in full-time employment there will be some tasks that you, in reality, may not be able to do, and in fact doing it yourself will blow out your renovation time. In these situations it may actually be easier and quicker to employ the professional – they will work faster and they have workmanship guarantees in place.