Renovation Projects – On budget and on time

After your first couple of renovations, you’ll have a much better idea of the people and processes involved and how long it all takes to play out.

Allow a contingency of at least 10 per cent when working out costings and create a realistic budget that accounts for every possible aspect of work required to deliver the desired outcome.

Focus more on aesthetic improvements, rather than costly structural works that will eat away at your bottom line but do little to add end value to your asset.

You’ll also need to factor in any loan repayments you have to meet while the property sits vacant, and maintain a tight but manageable schedule to avoid time and budget blowouts.

Chances are, unexpected delays will occur on your project as they do for many developments, so keep these in mind when planning your contingency as well.

RealRenta has all the tools that a property manager has but for less than ¼ the cost of a property manager.

You can now manage your Residential, Commercial or share/student accommodation property

Join now and the cost is less than a cup of coffee a week to manage your rental property.

RealRenta also has a free vision, so why not check it out.

Jason Gwerder
Friday, 26 April 2024

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