Maintaining your rental property well is one of the secrets to making your property profitable. Many benefits flow from this, including an increase in the market value of your property, as well as an increase in the rental price. In order for your renovation projects to be beneficial, it is important to optimize the process and the budget. Nova city Islamabad payment plans
It’s not about renovating your building just for the fun of it. Do not forget that every day that passes without renting your accommodation is a financial loss for you.
The best time for a renovation is between two tenants. Before you get started, ask yourself: will these changes increase the value of my property? If the answer is no, then now is clearly not the time. On the contrary, if the answer is yes, you can go to the next step.
The 3 steps to follow to renovate your rental accommodation
Of course, the best thing to do is to contact professionals who will help you determine the impact of your renovations. You can, for example, contact a real estate broker or immofacile real estate coach to estimate the change in value of your property depending on the renovations to be done.
1- Take a tour of the premises
Whether you are alone or accompanied by your contractor, take the time to visit the property room by room. During your visit, note all the aspects to be repaired, modified or changed. This involves prioritizing the most urgent renovations to be done, such as faulty piping or a completely damaged carpet. Don’t forget that apart from the visual aspect, the comfort of your future tenant is also to be taken into account.
2- Determine your budget and work schedule
As an owner, your performance must be at the center of your attention. Now that you know what repairs are needed, it’s time to figure out how much it’s going to cost you.
The best approach is to contact different contractors for quotes and compare them. Be careful not to automatically choose the lowest bidder. Several elements must be taken into account: the deadlines, the number of people in his team, who is responsible for purchasing the materials, the payment methods offered, etc. I once hired a contractor who had no cash to buy the materials, so he called me every time he went to the hardware store to pay for the materials…An incredible waste of time.
Finally, don’t forget to determine how long all of these changes are going to take you. Every day that passes that your home is not rented is a waste of money. The faster the renovations are done, the better off your wallet will be.
3- Take into account the necessary authorizations
The requirements and standards concerning renovations can change from one city to another. Some modifications, which may seem trivial, may also require specific permissions, such as landscaping or replacing windows. In order not to waste time and money or, even worse, have the city shut down your site, make sure you obtain all the necessary permits and authorizations for your work.
These steps are, of course, not exhaustive. In practice, renovations do not always go as planned. Remember to establish your plan well and keep an emergency fund to deal with the unexpected.