Quick Tips for a Successful Home Renovation
Renovating an investment property?
Taking on a renovation project, whether it's cleaning up one of your units, converting to a duplex or finishing a basement - it's a big job! There are a lot of moving parts and trades to manage during a renovation.
Here's some quick tips for a successful renovation:
1. Decide your budget (and have a contingency)
It is important to decide your budget. Once you know how much you can afford to spend (don't forget to account for your contingency!) then you can properly plan out the renovation. Really want those high end appliances? Maybe they don't fit within your budget and you'll have to choose a different option or look for sales. If you are doing a rental or lower end flip, your money will be better spend elsewhere anyways.
2. Make sure your level of finish aligns with the type of project or resale value
Different projects will require different levels of finish. If you are renovating a rental property, you want reliable and durable finishes. Nothing too high end as it is likely that things will be well worn and will have to be replaced or repaired when the tenants move out. If you are going for a flip (or your own project), you can definitely do higher end finishes, bolder choices and nicer touches. Just make sure if it is for a flip that it aligns with the market and you're not overspending in an area where you won't get it back.
3. Do your research and find reliable contractors
There are a ton of options out there when it comes to hiring a contractor and trades, however there are also a lot of BAD options. Make sure you do your research. If you can get someone who has been referred to you this is your best option. You will be able to ask how the project went, what (if anything) went wrong and how it was dealt with, and go see the quality of work for yourself. If this is not an option, make sure you ask questions, get everything in writing and physically go and see their work. It's worth getting a few quotes as well. Remember - the cheapest option is not always the best. Some contractors will low ball their quote, only to charge you for all of the extras along the way.
Have a project coming up and looking for a contractor or a project manager? We can help!
We have years of experience in the field, and are investors ourselves. We have renovated over 70 investment properties and completed over 25 duplex conversions with our team. We know how to budget a renovation for an investment property & where you’ll get the best ROI.
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