Question: The reno bug has bitten and I want to improve the look of my investment property. Is it necessary to use a professional or could I just do it myself?
Answer: Unless you have the time and skills – get in the professionals.
Whenever I buy properties for myself and/or clients, I always buy bargains. By doing this it means I have extra money to spend on a quality renovation with licensed tradespersons.
Let’s do a comparison:
1. Budget renovation:
• Tenants don’t like them
• Agents find them hard to rent
• Valuers value down for budget renos
• Insurance companies may reject your claims
• Just not safe for the tenants
2. Quality renovation:
• Tenants fight to rent your property
• Agents love the ease of renting them out
• Valuers value up for quality renos
• Insurance companies find it hard to reject claims
• The property is SAFE. From smoke alarms to safety switches
As a seasoned property investor my preference will always be a quality renovation. In the past I’ve done the $1,000 renovation and ended up with a high maintenance investment with constant complaints from the tenant.
Do yourself a favour. Use professional tradespersons, get a low maintenance investment and enjoy life.
Source: “Ask Paul”
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