January 14, 2018
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.