I certainly have heard about my fair share of ‘wing and a prayer’ renovations carried out from afar; renovations that spiral out of control unbeknownst to the property owner who then has to foot the bill at the end of it!
My best piece of advice for renovating a property that is not local to you, is to start by identifying and articulating every single detail of what needs renovating in the property – up front before you begin and even before getting your quotes together. If YOU don’t know exactly what needs to be done to the property (remember, doing only the things that are proven to add value to your type of property), then it’s very hard to expect other people to.
Its not generally enough information to say – I want a new vanity and the walls painted a particular colour and new landscaping out the front and a new kitchen and appliances – and so on. You should know exactly what you are asking for. The size and type of vanity. The finish of the paint and the colour of the doors, skirting boards and other trims in the house. What plants are best for the property look and location. What is the kitchen made from? What colours, handles splash-back and tiles are best for the property? These are just a few of the decisions you’ll need to make!
Leaving the decisions to your property manager or a tradie located near your property is a recipe for disaster. I have seen some success stories, but on the whole it’s pretty common that (because it’s not their own money at stake) your project – and ultimately the cost of the renovation is quite likely to spiral out of control.
A renovation that happens quickly and stays on budget is really only guaranteed when everyone involved in the renovation has a clear cut idea of exactly what is required of them. If everyone has clarity about what they need to do – together with an understanding of what the other tradies will be doing around the same time – they are much more likely to price your renovation accurately in the first place and then do everything that you had anticipated in the end (and therefore you end up with the renovation you want at the price you were expecting).
Renovation Action Plan
Renovating for a profit is challenging – which is why 50% of people fail. Don’t be caught out! Guarantee yourself a profit with a Renovation Action Plan from Hotspace.
What is a Renovation Action Plan?
A Renovation Action Plan is an area-by-area, item-by-item break-down of exactly what to do to your property for the biggest profit. It includes colour recommendations, product suggestions and costing breakdowns for every part of the property that requires an upgrade.
Your Renovation Action Plan is custom written for your property by a qualified and highly experienced interior designer and renovating-for-profit expert. As well as showing you what parts of the property to renovate and what to leave as is, you’re given recommendations of how much money to spend on each trade (ie how much to allow for painting, lighting, flooring, kitchen cabinetry, bathroom-ware and tiling etc.) – so now there’s no risk of doing too much, losing money and failing in your attempt to make a profit from your renovation.
To find out more, get your free Renovating for Profit info-pack here now.