When you can and can't do DIY renos

13/12/2011

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”