Renovations can by fun but the costs add up fast! How can you add value through your renovations and not waste time and money on useless reno’s?
#1 Fix What Your Property Inspection Suggested
Did you have a property inspection when you bought your house? If you bought a house older than 30 years odds are you did! My biggest suggestion would be to go back and find that report then follow many of the small renovations they suggest. In order to do this properly I would hire a handyman, as it will cost you more time than it’s worth to do it on your own, as this task includes a lot of researching technical terms! When should you do this? Preferably before you get renters, many of these suggestions are minor liabilities & odds are, if you’re renting your place, the next buyer will be holding it as a rental property as well. So protect yourself now and create a really good first impression on future buyers when they get your property inspected!
#2 Decide Why You’re Renovating Before You Decide What To Renovate!
Would your kitchen look great with a new back splash? Are the light fixtures no longer in fashion? Those are two really great investments for a home! But are they right for you? Are you planning on holding your home as a rental for the next 5 years? If so, maybe your renters would rather have new locks on their bedroom doors, or maybe even a furnace cleaning! I’ve walked through many houses where I see owners who have gotten a little too excited and renovated before they began renting. The key is to make your house nice enough to get and maintain renters but save all aesthetic improvements for AFTER your renters are moved out and you’re hoping for a quick sale!
#3 Quotes & Questions
Get several quotes from many different professionals before you choose to do any work on your house, and more than just that, ask these 2 main questions:
- What would be your price to do this if I paid for the material and you worked hourly?
Ask this question to get a better idea of exactly what people are pricing their personal time at.
- How many other jobs are you currently doing? And what is the normal scope of your jobs?
Many times people will take on more work than they can handle. This is a natural aspect of the trades, nobody knows what tomorrow will bring so don’t turn down present opportunities! This can cause a lot of trouble, you need to find someone with less commitments, the more attention they have on your project the better service and quality of work you will get. The second part of this question ‘normal scope’ is because you want the right person for the job. If you’re trying to get a boutique fence for your front yard & you’ve hired a landscaping company that normally builds fences for neighborhoods lining the Henday, you’re paying the same amount for a fence builder who may not understand the intricacies of a small aesthetic fence and will also be much less focused on your project compared to their other projects. I cannot stress these two questions enough, this will save you both time and money!