Taking the decision to renovate your rental property is a major financial and logistical step.
Here are some top tips on how to succeed in your re-vamp project –
1. Planning and budgeting is everything
Before you begin any project, take some time to consider if the changes you plan to make will really add value to your property. Are they essential or are they something you’d like to do, but won’t make much material difference to the rental or sale value of the property? Taking advice on what renters are looking for in a property is a good first step, so considering consulting a property mentoring scheme is a good idea. An architect can tell you how best to make the most of the space without actually increasing the square footage. Extending into the loft is one of the main ways to add another room.
Make sure that you set a realistic budget and how you intend to split that budget – how much will you spend on the structural renovation work and how much will go on fixtures and fittings?
Sticking to your budget is important, as overspending can place a strain on your finances and also reduce any profit you make on renting the property out.
2. Obtain at least 3 quotes for the work.
A good rule of thumb when getting quotes for work is to get 3 or more so that you can make a good comparison. Take the time to read them carefully, understand what will be included in the price that has been given and don’t be afraid to ask questions.
Using one main contractor means that the process can be simplified; as they will be responsible for ensuring that all of the materials arrive in the right order and that the work is carried out to the best standard.
Write your design spec with as much detail as possible to prevent any hidden costs that might come with having to add in more features or use more contractor hours in additional work that wasn’t included in the quote.
3. Manage your time.
As you will want to rent out the property as soon as is possible, starting the planning and work stage quickly will help speed the process up.
Agree a workable timescale with the contractor and make sure that you have regular meetings with them to monitor progress
4. Do some of it yourself.
One of the best ways to make savings during renovation work is to get involved yourself, if you are able to.
Why not enlist the help of friends and family (and any builders, plumbers or electricians that you know!) to spread the workload and the cost.
Here at Nick Fox Property Mentoring, we provide mentoring services and other resources to help you when it comes to property investment. Find out more about our property mentoring here and our resources here.
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