From a 'face-lift' to a full-blown overhaul, home improvements have
varying degrees of success. Spending $50,000 on renovating won't
necessarily give you a better result than if you spend $10,000 - if you
do the wrong things.
I've had plenty of clients spend no more than $3,000 - $5,000 on the exterior of their homes (for instance) with dramatic improvement. On the other hand, I've rescued people who've spent $60,000 and not made much of a dent at all in the improvement (or increase in value/rental income) of their property.
The most successful investor renovations are ones that look great but didn't cost the earth to do. But how to achieve this critical balance - a designer look on a realistic and fair budget?
I've worked out a system that gets results that property investors love. Key principles that get you increased equity AND increased rental income.
Here's a snapshot:
Set your renovation budget based on the current value of your property plus its probable re-valuation after completion
Use the 'design principles' when selecting colours, materials, fixtures and fittings etc. for your renovation. For instance:
Create a balanced look so it's easy on the eye
Have a focal point in every area (exterior, kitchen, bathroom, lounge etc.)
Ensure there is cohesion through the property so that it 'flows'
Work with what you've got. For instance, pare back untidy or too-busy areas of the property and add interest and detail where it's too plain.
Use the 'partial renovation' method whenever possible and appropriate. This is where you only renovate the elements within a space that need it. For instance the adjacent photo shows the kitchen of one of my clients' properties. This kitchen renovation cost him just $1607 (DIY labour) to renovate because he followed the specific instructions I gave him in his Renovation Action Plan (more info - www.hotspaceconsultants.com).
Use the 'partial renovation' method whenever possible and appropriate. This is where you only renovate the elements within a space that need it. For instance the adjacent photo shows the kitchen of one of my clients' property's. This kitchen reno cost him just $1607 (DIY labour) to renovate because he followed the specific instructions I gave him in his Renovation Action Plan More information
Before
After
Before
After
It's a hard time for investors and the last thing you want is to have to top up your mortgage repayments each month. Think about a quick reno to keep your property current and in demand. 100% occupancy at the rent you want is possible when you have a property that your tenants want to live in. Simple as that.
Find out more The 7 Deadly Sins of Renovating
Hotspace is the brainchild of Janes Eyles-Bennett - award winning interior designer, property investor and master renovator. She's spent the past 20 years working on design and renovation projects of her own and of her hundreds of clients; and so her breadth of knowledge and depth of experience is extensive. And as a TV show guest designer, public speaker, regular magazine contributor and ongoing blogger,forum writer, he skill and experience for guiding others to renovate their properties profitably, is unmatched. More information at www.hotspaceconsultants.com
I've had plenty of clients spend no more than $3,000 - $5,000 on the exterior of their homes (for instance) with dramatic improvement. On the other hand, I've rescued people who've spent $60,000 and not made much of a dent at all in the improvement (or increase in value/rental income) of their property.
The most successful investor renovations are ones that look great but didn't cost the earth to do. But how to achieve this critical balance - a designer look on a realistic and fair budget?
I've worked out a system that gets results that property investors love. Key principles that get you increased equity AND increased rental income.
Here's a snapshot:
Set your renovation budget based on the current value of your property plus its probable re-valuation after completion
Use the 'design principles' when selecting colours, materials, fixtures and fittings etc. for your renovation. For instance:
Create a balanced look so it's easy on the eye
Have a focal point in every area (exterior, kitchen, bathroom, lounge etc.)
Ensure there is cohesion through the property so that it 'flows'
Work with what you've got. For instance, pare back untidy or too-busy areas of the property and add interest and detail where it's too plain.
Use the 'partial renovation' method whenever possible and appropriate. This is where you only renovate the elements within a space that need it. For instance the adjacent photo shows the kitchen of one of my clients' properties. This kitchen renovation cost him just $1607 (DIY labour) to renovate because he followed the specific instructions I gave him in his Renovation Action Plan (more info - www.hotspaceconsultants.com).
Use the 'partial renovation' method whenever possible and appropriate. This is where you only renovate the elements within a space that need it. For instance the adjacent photo shows the kitchen of one of my clients' property's. This kitchen reno cost him just $1607 (DIY labour) to renovate because he followed the specific instructions I gave him in his Renovation Action Plan More information
Before
AfterBefore
AfterIt's a hard time for investors and the last thing you want is to have to top up your mortgage repayments each month. Think about a quick reno to keep your property current and in demand. 100% occupancy at the rent you want is possible when you have a property that your tenants want to live in. Simple as that.
Find out more The 7 Deadly Sins of Renovating
Hotspace is the brainchild of Janes Eyles-Bennett - award winning interior designer, property investor and master renovator. She's spent the past 20 years working on design and renovation projects of her own and of her hundreds of clients; and so her breadth of knowledge and depth of experience is extensive. And as a TV show guest designer, public speaker, regular magazine contributor and ongoing blogger,forum writer, he skill and experience for guiding others to renovate their properties profitably, is unmatched. More information at www.hotspaceconsultants.com