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Home Renovation Tips
April 29, 2021 | Posted by: Adarsh Chawla
3 Types of Renovations that are better Left Undone
for Rental , Fix and Flip Properties.
when Investor buy property for Rental or Resale after fixing , there are obviously necessary repairs like fixing broken closets, painting tired house , replace damaged old appliances. while other upgrades are more elective. And when it comes to elective work, there are some improvements that are worth your Investment and there are others that most certainly are not.
Here are the Key things which' you should not' do.
Upgrades that are mostly Headaches : Sky Light , Swimming Pool , Do we really need swimming pool in rental property? or Do Swimming pool increase any value of the house unless its in Luxury homes? Swimming pool cause more of Liability Issue rather than increase in Value.
Awkward Additions: So many Hard ware stores Provide ' DIY' Classes. its very good if you want to do minor repairs at your home . Some time very enthusiastic investor start doing complete home Renovation and construction after attending 45 Min. workshop like adding additional bedroom , which is going from another bedroom . This doesn't count (legally or otherwise) as a bedroom.. But remember on same shops they provide Professional contractors to do a really Professional good Job. Try to hire good contractor for professional job.
Fixing up Property too Nice: Another common mistake investors make is fixing up a property too much. if someone is buying property to rent , you don't have to give High end stainless steel appliances, custom cabinets , Granite slab counter top, expensive chandelier.
Make sure buy Good quality material , Not very expensive and Not Too cheap also which break quickly and need replacement. Finding good contractors and managing them is essential.
And if you need 1st, 2nd, 3rd Mortgages for your purchases, call me.
Alternative and Private 1st, 2nd, 3rd Mortgages Specialist
Direct : 4162753965
Adarsh Chawla , Mortgage Broker
NVR Mortgages ( FSRA # 11055)