If you haven’t heard, the Kitchener / Waterloo area is hot for real estate in 2022, and prices continue to rise. One of the reasons for this sellers’ market is the lack of inventory to satisfy population growth. Investment properties are becoming more popular than ever with investors and people looking for good investments. Finding a solid investment has become a challenge and that’s where you need to work with a realtor. You need someone with the tools to find that hidden gem.
To help you get the most out of renovating your investment property, here are five tips to help you.
1: Never underestimate the total cost of doing renovations
An example of this is an average budget for a kitchen or bathroom renovation. Many times, people forget to budget for added expenses for licensed electrical, plumbing, and gas professionals to help install bare essentials. Also, consider the extra cost of high-end finishes that will cause the budget costs to go up. Investors can also underestimate the cost of new floors and new windows.
2: Are you over-renovating
Sometimes some investors think that the only way to drive the value upon the property is to spend a small fortune on expensive home remodels on high-end finishes. Unfortunately, some renovation projects don’t always give back a return. This is where the expertise of a Kitchener REALTOR® comes in handy. Many times, the most cost-effective and most uncomplicated updates can give the most substantial returns.
3: Put together a realistic home renovation budget
Start with the most realistic renovation budget. Here are some tips to help you.
- Get multiple quotes from contractors
- Always answer questions honestly
- Always add more money to the budget for unexpected things
- Never compare your home to HGTV Shows
Never settle on a contractor before doing a little cross-checking first. See what others have said. This is an excellent way to see how the contractor operates. Avoid sketchy contractors at all costs. If you’re not handy, you will have to outsource. Create a contingency fund.
4: Figure out how you are going to pay for everything
Before you start doing a renovation, figure out how you are going to pay for the renovation project. Here are some more tips for getting money.
- Line of credit
- Use rebates
- Avoid using your credit card
- Refinancing your home if all else fails
The lowest interest rate is going to be your best option. Also, check for renovation rebates. There are always rebates available for things like replacing the furnace, water heater, every star appliance, insulation, and more.
Choose to Work With Mike Bolger
If you are looking to find investment properties, consider my VIP Buyer Program. I will search for the ideal instrument properties in the area of your choice. I will give you the best insights on how to get the best ROI on your investment. I am also connected with a network of over 11,000 professionals. I am connected with Mortgage Advisors, Home Inspectors, Contractors, Lawyers and more that will make your entire real estate experience stress-free. The best part is that I'll make myself available to you 24/7 to answer all your questions and to give you updates.
Call Mike Bolger at (519) 616-2656 now.