Property Management Blog

How to save money when remodeling your property?

Terry Mrochko - Wednesday, July 17, 2019
Property Management Blog

Landlords and investors know that they can keep on maintain their properties for long, but it becomes necessary to upgrade these properties after some time to compete with other properties. These renovations may be expensive, but they are necessary to make your property attractive and desirable for potential tenants. If you cannot afford big remodeling project, there are many DIY projects that you can conduct on your own and save a lot of your hard-earned money.

Remodel one by one as units fall vacant

Any property is rarely fully occupied. Instead of taking up renovation project in entire property, you can begin with the renovation of the unit that is empty for the time being. You get free space and there is no inconvenience to tenants when you decide to do DIY remodeling of vacant units. Also, you can work round the clock or anytime you so desire without giving notifications to tenants.

Be a little practical

If you make a schedule for your renovations and follow it, you will find that it becomes easier for you and finishes in time with fewer expenses than it would if it is not planned. Planning renovations in advance also gives you time to make suitable changes as and when needed to avoid small and big problems.

Never make use of cheap materials

While you can choose to use regular quality raw materials for the upkeep and maintenance of your property, the same does not apply to important renovations that are intended to be in place for a very long time. If you think you can save money through use cheap materials, you will repent in future as they will not last for a long time and also suffer from lots of wear and tear.

Make sure your upgrades are energy efficient

Energy efficiency is one aspect that is of crucial importance in any upgrade of a property. Whenever some appliances in your units need repair, consider replacing them with new, more energy efficient appliances rather than opting for usual maintenance and repair. These new appliances will last long, and your tenants will also love them because of their higher energy efficiency. Start replacing fused incandescent bulbs with LED bulbs and learn about the latest high energy efficiency appliances available in the market.

Become involved with one project at a time

Many landlords take up renovation and upgrades on a war footing by hiring services of several contractors as they want to finish them quickly. However, when you are taking up upgrades on a DIY basis and you know you will not have help from anyone else, it is prudent to take up one project at a time rather than getting involved with the roof, landscaping, and addition of rooms at the same time. This will allow you to focus upon the job at hand and finish it with greater efficiency while saving your hard-earned money.

In the end, it would suffice to say that DIY upgrades are good if you want to save money, but you need to be maintaining your rental property all the time to be able to attain your goals. Also, you cannot hope to renovate the whole property in one go if you are tackling the upgrades on your own. Undertake renovations gradually at a speed that you can afford. You need to look for smart solutions rather than upgrades that are very labor intensive. Finally, use only high-quality materials if you want your upgrades to last for a long time. You can achieve your objectives and save your money if you follow the instructions given in this article when undertaking upgrades in your property.

If you’d like to talk more about property management, or you need help with Everest Property Management, please contact us at Everest Realty. 

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