Majestic Property

Property Investment, Investment Properties, Retirement, Melbourne

Call today for a free 45 minute consultation 1300 301 422
  • Home
  • About
    • About Us
    • FAQ’s
  • How We Help
    • Property Investment
    • Property Finance
  • Free Resources
    • Free Consultation
    • How To Invest Smart
    • How To Retire With Security
  • Testimonials
  • Referral Partner
  • Blog
  • Contact
  • Referral Partner Login

Renovating tips

October 18, 2015 by VooDu Marketing

Renovating tips

January 14, 2018

Renovating Tips

Renovating tips

Does your investment property need a refresh? It’s best to renovate between tenancies, when the property is vacant, if you can. This means you have full access and are able to increase the rent substantially when the work is done. This isn’t always possible, though. Sometimes there is a fine line between “renovating” and “repairing” – in these cases you may have sitting tenants to contend with. You (or, better still, your property manager) will need to assess whether a reduction in the rent for the duration of the work is required.

Whether your property is occupied or not, it is a good idea to do all of your renovation planning in advance, so the work runs quickly and smoothly. You’ll need a project plan, including a budget, time line, scope of works and the order of tasks. If you don’t know where to start to make a project plan, we recommend you hire a project manager – a good project manager will more than pay for themselves.

You (or your project manager) will need to make sure your tradespeople are ready to go and all the necessary materials, fixtures and fittings are available and ready to install. This will avoid expensive tradies waiting around on site.

Remember, time is money – each day costs in terms of tradespeoples’ bills and loss of rent.

Filed Under: Blog

RECENT POSTS

  • How To Find The Best Performing Investment Properties In Melbourne
    How To Find The Best Performing Investment Properties In Melbourne There had been a few experts predicting that Melbourne’s property market would slump in recent times. But in actual fact, the ...read more
  • Trusts
    Trusts We are asked a lot about trusts. Clients often want to know if they should set up a trust, or whether their current family trust is suitable for their new property investment ventures. Each ...read more
  • Tax benefits for a block under construction
    Tax benefits for a block under construction A client is considering buying a block of land so she can build an investment property on it. She’s asked if she has to wait until she’s getting rent ...read more
A. S12, L4, 150 Albert Road
South Melbourne VIC 3205

Ph. 1300 301 422
E. [email protected]
  • About
  • Disclaimer
  • Privacy Policy
  • Contact

Property Investment Services Australia

Copyright 2019 Majestic Property. All rights reserved. Website by VooDu Marketing