Sales Vs Rental Renovation

Preparing your property for sale or rent requires different approaches to your renovation plans.

Attracting prospective buyers means making your property appealing from the outset to overcome any objection the buyer may connect to your property.

When inspecting, buyers will often be distracted by anything unsightly, or unseemly additions or omissions and will factor these into the price they are able to offer.

If they see a lot of things that need to be done they will often overestimate the expense of that work, which inevitably leads to a poorer offer and ultimately a decreased sales price for you.

Working from the street, ensure that any problems with driveways, gardens, paint jobs and any other obvious defects that may be detected in a building and pest inspection and have the potential to crash a contract are rectified.

Conversely, a rental renovation should be undertaken with longer-term considerations in mind.

A rental renovation should be carried out as an investment in the property and your portfolio that will benefit you in the future. While a $50,000 renovation might cost you $2,000 per year in interest , it will ultimately attract a better quality of tenant, increase your equity, improve your cash flow before and after tax, and give you less problems moving forward.

If you are wondering what is best for your property – a sales renovation or a rental renovation – contact HQ Constructions Our in-house builder, Mick Romano will give you the best fixed price quote to get your project underway

Building your wealth through Property

Shannon Davis