Renovating property is becoming big business for many people. Buying and selling houses to earn a living. But everyone starts somewhere right? The thing is, a lot of people will have the dream of renovating properties at some stage of their life. That might be the home they currently live in, or indeed to do it as a future business or even a hobby. If that sounds like you, then you might be wondering where to start. So I thought I would share some of the basic tips and questions to ask yourself at the beginning of your renovating journey. Also, if you are looking for a property management company to take care of your real estate investments, then these Santa Barbara property managers can help you.
Find the right renovation project for you and your budget
One of the first things you need to do is look at your budget and find the right renovation project for you. One of the biggest pieces of advice is to not take on too much, or go beyond your budget and skillset. This will spell disaster for you when you are fully into the project and could cause you some serious stress. Work out where your strengths are and how far your budget will stretch. Finding a project won’t be easy, and it could take time, but it’s worth the wait to ensure that you kick off your journey on a positive note.
Ensure all foundations are in place and match building regulations
One of the most expensive jobs a renovation project can have is repairing the foundations. However, sometimes this can’t be helped when it is overlooked by surveyors or yourself when viewing the property. Thankfully some professionals deal with foundation repair on a daily basis. The best advice is to check any basements and foundation levels before any work commences, to ensure there are no issues.
Don’t be afraid to do some of the work yourself
Trust your own skills when it comes to renovation. If you think you could handle something, then try. You could save yourself a fortune on labor costs by taking on some of the work yourself. That doesn’t mean complicated pipework or plumbing, it could be as simple as taking care of any demo that needs to be done. For example, removing the kitchen or old plaster off the walls. Another example is updating the existing garage door to something easier to use.
Consider making changes to the big rooms that make the most profit
If you have started with a simple renovation project, then stick to the big money rooms to add the most profit when selling, The kitchen, and bathroom can often sell a home when they are done to a good standard. Team that with clean interior design and you will be onto a winner.
Can you add value to the property in some way?
Finally, it’s worth looking at your project and asking yourself where you can add value. This is by adding square footage to the property or any additional rooms by going up into loft space or down into basements. Adding additional features to a home will instantly add value. Of course, there will be a cost, but this will be far less than the profit you could potentially make.
I hope these tips help you on your journey to renovating homes.