Edmond Rental Home Renovation Mistakes
When making renovations to your Edmond rental property, there are important things you should know to avoid making costly mistakes. You may think that you know everything that you need to know, however you probably don’t. We have come up with some valuable Edmond Rental Home Renovation Mistakes that many DIY Landlords make.
Not evaluating returns on investment
- Many rental home renovations cost thousands of dollars but won’t increase the value or appeal of your property. Only invest in renovation projects that give a good return on your money.
Not having a budget
- Without a budget, you are likely to run out of cash in the middle of the rental home renovation project. The project might also get more expensive as it progresses. Always have an estimate of the costs before you start the project. Also, give room for an extra 10% or 20% in cost overruns.
Upgrading unnecessary components
- While it may look great to upgrade as many details as possible, it is important to consider the resale value of the property too. Some upgrades are short-lived and may become unnecessary in the long-term. Focus on components that add long-term value to your home, such as flooring and lighting.
Not evaluating contractors properly
- When you select your contractor, interview as many as you can and to verify the references and credentials. Make sure the contractor you’ve selected understands what you want. They should also be licensed to do work in your home. A good contractor not only guarantees quality but also offer warranty in case things could wrong.
Selecting appliances last
- For better renovation outcomes, choose appliances first to make the overall design will fit the appliances. For a kitchen renovation, consider the “work triangle” between refrigerator, sink, and stove to maximize space and enhance functionality.
Buying cheap materials
- When it comes to rental home renovations, do not economize on building materials. Select high-quality materials that are durable so you won’t have to replace within a year. In addition, by materials only when the project plan has been finalized. It is the old saying “You get what you pay for”.
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