General Home Renovation Tips for Investors
Whether you’re an aspiring landlord or if you’re looking to improve a property for an eventual re-sale, you ought to know that renovation is a strategic move that ought to be planned and performed correctly. This is not to intimidate you, only to guide you to make the proper considerations. There is always the possibility of you spending way more that you hoped for in order to make changes that you may not have needed to execute in the first place. It is in this case that renovating a house becomes a definite lose/lose situation.
Don’t be fooled by the ‘reality’ Renovation shows – oftentimes, the cameras emphasize how whole walls and rooms are torn down by a sledgehammer. While this is a possible scenario, it’s not like you’re going to be doing that a lot, unless a total rebuilding is in the works. For actual renovations, smaller scale cosmetic improvements are called for.
As you walk through the house to plan your renovation, make a note of what parts of the floors and walls need repairs. Take some time to concentrate on the Kitchen – as at least one seasoned realtor may tell you, oftentimes the kitchen sells the entire house. The kitchen joins the bathrooms on the property in being top areas that will need your undivided attention when it comes to renovation. Flooring is also something to take a look at, but don’t forget to check out the ceilings as well.
Work on making the Master Bedroom special – remember, the people who will be staying here are oftentimes the ones making the purchase! Take advantage of anything that’s already in the room and make any corrections/improvements based on what you have. There will always be something you can do for the bedroom to really be the Master Bedroom.
Don’t Forget The Outside
While there is a considerable amount of things to do when it comes to cosmetic improvements inside the house, you should not neglect what your potential clients see as they park to see the property for the first time. Does the home need a whole new color? What parts of the outer walls & trim need repainting? Is there a need to place new tiles on the roof?
Do any branches on the trees in the yard need pruning? Are the trees closer to the home affecting the roof? Is there any foliage that takes away from the view of a nearby landmark? Are there any limitations to what you can and can’t do stated on the HOA rules? What needs to be updated in the existing landscaping?
When it comes to repainting inner and outer walls or replacing flooring, remember that you will be encountering anything and everything that was hidden previously. You should have a budget ready for correcting any of these hidden stains and cracks. Speaking of budgeting, make sure that you also have enough in your budget to replace any knobs and/or handles, switches, and blinds, to name a few.
Renovations costs and rehabilitating property could be intimidating and can cost a lot of money, especially if priorities are not set correctly. It always helps to walk through the property again and again, until you have a solid course of action on paper, complete with a defined budget towards a specified goal. It does take some work and resources, but the work you do will definitely pay off when you see how much your rehabilitation efforts add to the value of the property.