There is always risk when it comes to business included property investing. Most investors aim for higher profit and rental return by investing in property whether residential or commercial one. Renovation is one of ways you can increase the value of your property.
You can do minor or major renovation according to your liking. However, renovation is a big deal. If you make mistake, especially to major renovation then you may suffer from huge lost. As the result, your property renovation ends up in disaster. The value of your property will be likely to decrease when your renovation project fails.
Mistakes in property renovation you should avoid
Mistakes happen anytime to anything. However, there are chances to avoid mistakes once you know more about them. In property renovation, there are also mistakes possibly happen even if you have planned everything perfectly. To avoid costly damage and disastrous damage, here are common mistakes you need to know in property renovation:
- Rely more on DIY job instead of trusted contractor. Small renovation like minor fixtures here and there is possible for DIY. However, you need reliable and trusted contractor and professional if you have major renovation to your property. One of the reasons is limited budget. However, the cost you need to pay will be much bigger if you make mistakes during your major renovation. Paying a little bit extra to hire professional will be worth it. This can prevent you from losing much money.
- Forget to set out plan and budgeting. This mistake is common and you can learn from it. Remember that planning is essential in any type of business. Without it, you cannot estimate your project well. By planning everything such as budget, labor, and materials, you have more precise estimation to your property renovation project. This can avoid you form failure costly damage.
- Always include pool to renovation checklist. Most investors believe that adding pool to the property will automatically add the value. However, pool is hard to maintain which leads to excessive expense to your maintenance budget. Besides, it doesn’t always add the value to your property. Besides, you need to consider the neighborhood before adding pool because it is supposed to suit.
- Blindly copy the ads. There are many ads of renovation that look interesting. However, not all of them are suitable with your property. Copying the trend of interior design is fine. However, make sure to choose point that will enhance your property and add its value. If you stubbornly do what the ads show without consideration, it might end up disastrously.
- Too focus on choosing cheap appliances. Setting your budget is important in property renovation. However, doing everything on the cheap won’t get you anywhere either. Even if you are on budget, make sure to choose quality appliances. They are more durable for long term use. Thus, they are more appealing to tenants. You don’t have to buy the most expensive appliances. However, make sure to avoid nasty and cheap ones.