Do’s and Don’ts Investment Property Renovations

investment property renovationsRenovations, whether for maintenance or upgrade purposes, are crucial both in increasing an asset’s value and in ensuring its functionality and durability. However, not all renovation projects get a ‘thumbs up’. Some of them actually do more harm than good so to find out which is which we came up with a list of do’s and don’ts in investment property renovations.

Do make it a point to measure everything. It would be particularly painstaking to realize that things do not fit as they should be. Before installing anything or buying furniture, she to it that you measure the space first and see if the item is a yes or a no-go.

Don’t forget to budget. These renovations come with a cost and therefore will require a significant amount in one’s finances. The expenses will vary from one asset and project to another. Regardless, always plan and allocate the use of resources.

Do find a great contractor. Apart from their services being reasonably-priced, they must also come with a team of experts who are easy to work with. They need to be experts at their craft and reviews about them should be nothing short of sterling.

Don’t make do with substandard materials. Costs are a certified ‘pain in the ass’ but just because they are doesn’t mean that one will have to sacrifice quality just to save on the expenses. Substandard materials are not only dangerous but they do not last long too. Over time they are more expensive in the long run.

Do stay organized. With so much happening, clutter in places and people going in and out of the property, things can get hectic. To avoid losing your sanity and to keep everything as systematic as possible, organize tasks, label boxes and stick to schedules.

Don’t forget to clean. Although dust shall become your tenant for the time being and living with it is a must, one will still need to bust out some vacuum cleaners, brooms and rags. Cleaning not only takes away the mess but it also keeps it from piling up to the ceiling. Plus, it makes work easier.

Do look for expert opinion. As mentioned earlier, not all investment property renovations are good. Some are only costly and wouldn’t even make the value on the asset budge a little. Others are too risky or unnecessary while some may even be dangerous and unfit for the current structure and condition of the asset. It pays to ask questions and seek advice.

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