Tales of rental renovation projects tripling in cost are enough to give any real estate investor night sweats. Most often, these stories come from an inability to understand the problem. Truly essential renovations for a rental property differ from the ones we’ll make when dealing with a fix-and-flip. When renovating for a rental, we’ll want to move away from wow-factor and instead increase the property’s efficiency and livability.
When investing, we realize all capital should be used for the best quality projects. Setting a budget and staying with it, ensures a cost-effective project for all concerned. Finding ways to be economical while maintaining excellent quality standards takes time and research. Providing quality appliances is a must for resalable fix and flips or for long term rental properties. A ‘move-in ready’ feeling can make a sale more quickly than bare kitchen walls.
Buyers and renters love beautiful kitchens. It is one of the main rooms in the house that that they want to have updated and renovated. Refurbishing old cabinets and countertops is a prime way for real estate investors to get a higher sale price for a home. The trouble is, it’s easy to spend more than we get back. To avoid putting your remodel underwater, save money on cabinets and countertops by using the easy pro-tips below.
One of the most important ideas to keep in mind is that tenants are not homeowners. Even the best of tenants do not have the same feeling for your rental property as the home they will own in the future. Providing a temporary home that is clean, inviting, and easy to maintain fits the bill for most rental renovations.
The success of a fix and flip investment depends entirely on your ability to sell the rehabbed property at a price that not only recuperates your total investment, but also leaves you with a profit. However, if you’re new to the fix and flip business, it’s all too easy to spend more than necessary on repairs—and that can drastically reduce the amount of money you can make. Avoid that mistake by keeping the following eight tips in mind: