Repairs & Renovations
Depending on the type of investment property you purchase, you may have to look at repair work, renovations or both. Very few properties come in a perfect, ready to sell condition, so it’s likely that there’ll be at least some work required on the property before you put it up for rent.
It’s highly important that you take this into consideration before purchasing any property. You’ll need to set aside some budget for repair and/or renovation work – if you don’t end up using it, you can put it towards other important things that come with having a rental (such as issues that pop up over time).
Take a look below at some things to keep in mind before investing in a rental property.
what to consider with repairs & renovations
When you need someone/people working to make your investment property the very best it can be, you’ll need to take some time to research who you use to do the job. Not having the right contractors can result in on-going problems and stress (that can easily be avoided).
When looking for contractors, you’ll want to find as many reviews and testimonials from previous clients as you can. You should be able to find these easily enough by looking through their website, Google Plus page and Facebook page. If you can’t find any on there, try giving the company a call and ask if there are any references that you can call on.
Don’t forget about all the costs that can be involved in hiring builders to work on your investment property – not only will you need to pay for their labor and building supplies, there’ll be other costs involved like permits, skip bins (for building waste) and final touches (like paint, furniture etc).
If you can find contractors that have good connections to cheaper supplies or anything, be sure to go with them!