Renovating is the best way to add value and interest to your property: which is vital for property owners who want to draw in buyers or renters. If you own multiple homes and you want to renovate all of them, you might be concerned about how to make this a cost-effective project.
Nobody wants to foot the bill for ten separate home renovations.
These are the best ways to save money, how to find the best deals, and what connections can set you ahead for the best return on investment for your work.
Plan Ahead and Budget Separately
Planning is the very most important thing you can do when renovating multiple projects at once. If you don’t plan thoroughly enough, you’re going to set yourself up for failure. Take into account all of your properties, and write down details like how old their roofs are, what their HVAC is like, when their flooring was last updated, and more.
From there, compare and see what the most properties need. If your siding is over 20 years old, or they have floors that are worn by multiple tenants, those should be your focal points.
You need to set a clear budget overall, but it’s also a good idea to set individual goals for each property. Setting individualized budgets will make it easier to tell how much you spent and if you’re getting a good enough return on investment. Of course, you should still keep an eye on the overall budget to ensure you don’t go bankrupt on this.
Aim For Sturdy Materials That Last
If these are properties you’re going to be keeping for a long period of time and renting out, you need to make sure they can take anything that’s thrown at them. Going for cheaper materials that simply look nice but don’t protect or serve the property is going to hurt you and cost more in the long run.
If you need wholesale flooring Los Angeles location, make sure that you find one that has good reviews and shows that their flooring lasts. Don’t simply go for what’s cheapest. You don’t want to get cheap flooring; you have to replace it every two or three years when you can pay just a little more to get floors that will last over 20 years.
Pay Attention to Sales and Deals
Sales and deals make a big difference in what you can buy. Winter is always going to be the cheapest time to buy supplies, but from there, you need to keep an eye out for what sellers do extra deals and what coupons or discounts you can get on top of it.
Contacting suppliers and letting them know you’re making a bulk order will often give you a chance to haggle a little and talk them down from a price that could otherwise be devastating.
Remember to Avoid DIYing More Than You Can Handle
Many property owners will DIY as much as possible to avoid putting a lot of money into contractors. This is an awesome way to save money, but it can be dangerous if you don’t know your limit. Of course, you can research drywall corner bead types on your own: but if you make a mistake on something big like replacing a dishwasher, you could end up flooding your home inside the walls.
Be honest with yourself, and hire a contractor when things are getting rough. It’s cheaper than having to pay them to correct your mistakes.
Avoid Projects That Are Just Because of a Good Deal
Sometimes we’ll see a good deal that will make it seem worth it to splurge for a project that’s not necessary. Remember to stick to what your properties actually just need, and don’t let the siren call of a good price make you spend money you don’t need to. If your properties have wood shingles that are less than ten years old, you don’t need to buy slate shingles just because they’re on sale. This is a waste of your money and time.
Maintenance is as Important as Renovating
Maintenance is a big deal. If you don’t properly maintain your property, you’ll notice it is falling apart from tenant to tenant. Don’t let this happen to you. Instead, invest in yearly upkeep. From having the HVAC checked to ensure your deck is sealed and keeping an eye on your gutters, these small things will help the update last longer.
If you can, make sure your renovations have maintenance in mind. This could mean splurging for gutter guards instead of just gutters when you need to add these to a property. In the long term, this will save you money.
Bulk is Always the Answer!
When you’re ready to make a huge change and give yourself the highest return on investment possible, it’s important to turn to bulk. Consider each of the points above, and then create the properties of your dreams all at once!