Renovating your investment property can lead to many benefits. Where do you start? We are fortunate to have Gary Lin share his own thoughts. A successful property investor who has bought and renovated many times.
Quick Tips from this video:
Where do you spend your money to get a good rent?
Targeting a high quality tenant, means your focus should be on making your place modern and clean. Go from big to small, so big surfaces like wall and floors are important first. A modern light colour makes the place attractive. Changing floor surfaces is next. Can you go back to wooden floors?
The bathroom and kitchen are the most expensive places to renovate. There could be ways to make your budget stretch further in the kitchen. Timber cabinetry made around the 1950s and 60s were solid. Sometimes you can get away with just replacing the bench top and handles. Vinyl for flooring can be ok for average rentals.
Benefits of renovating first
- Increase in rent
- A better quality tenant, possibly meaning lower maintenance costs
- Shorter time in between tenants, a nicer property is easier to rent
Gary runs his own renovation company, details here:
Grande Lusso Renovations, Gary Lin, Mobile: 028 400 2820
