What is the one overarching goal of renovating an investment property? We can all safely agree that it is to maximise return on expenses that are outlaid during the process – and fast.
Whether the plan is to get the most out of your potential rental return, or a quick flip for bulk turnover, there are certain guidelines that even ‘reno rookies’ can follow to increase their profit margins.
An obvious but highly important one – Choosing a builder. Your builder/carpenter should be your biggest ally during the process. At MSDS Carpentry, we’ve been in the game long enough to know what homeowners want. While each build/renovation/extension is obviously different, the end goal is often quite similar for our clients. Modifying a property can be daunting for homeowners, so we make an extra effort to keep them in the loop. Communication is key, and can lead to a more efficient outcome, both for your wallet and peace of mind.
Getting down to business. . .
Simplicity doesn’t mean “cheap”. Furthermore, excessiveness does not equal “quality”. There are countless ways to increase the value of a home through simple and smart carpentry choices.
Improving a property’s appeal can often be found by putting yourself in the prospective buyer’s/tenant’s shoes.
From a carpentry perspective – this could be achieved by expanding an area. Removing a wall and creating an open plan living/dining/kitchen area creates perceived space – making the home feel larger, even though it’s the same size.
Is there enough storage? It’s one of the first aspects of a home that potentials look for. Built in/walk in wardrobes are a great addition to a property and won’t break your tight investment budget.
How about adding an outdoor entertaining area? A quality crafted deck doesn’t have to be massive to be inviting and enjoyable for years to come – all the while adding a design feature and value to your property.
A word of warning – be very careful of the DIY temptation. We know there is nothing like the satisfaction of a job well done by yourself. However, draw a line. We’ve been called in to remedy many a DIY disaster, always costing more than getting a qualified professional to do their thing from the start.
In the end, it’s up to YOU. Extensive research and ongoing consultation with your builder and designer will always be the best ingredients for getting the most out of your investment.
Drop us a line to see how MSDS Carpentry can help.