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
