Should I Renovate My Investment Property Myself?

 

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In answer to the subject line:

No.

But before I explain…

This is the final part in my four part mini renovation series. Did you miss the first three? No problems. Here’s the links:

Part One: Should I Renovate My Investment Property?
Part Two: What Are the Finance and Tax Implications of Renovating an Investment Property?
Part Three: How Much Should I Spend Renovating a Two Bedroom Apartment?

Each part has a short video of around two minutes.

Here’s the truth:

My hands have never seen a day of hard renovation labour in their lives (my wife and close friends will testify to this).

Which might sound odd, because I have renovated (in some way) absolutely every property I own.

I just don’t do it myself.

Don’t get me wrong… if you have the skills and patience, good luck to you.

If you are doing unskilled work to try and save a few dollars, I guarantee it will end up costing more in your time value and the quality of work will be nowhere near as good as hiring a professional who does this every day for a living.

If you are young, ambitious, or have time up your sleeve, then there’s always jobs you can do such as painting.

If you are a professional in your industry, you simply don’t have the time to afford messing around with renovation works that usually end up taking longer than expected and costing more than expected.

Hire someone to take care of the renovation for you.

Here’s the key if you do this though:

Get an on time, on budget guarantee with a budget cap.

Too many times people contact me after they get into trouble with builders or project managers who keep increasing their costs long after an agreement was made on the work. Don’t fall for this trap.

If you outsource, there’s no limit to the amount of projects you can take on.

If you enjoyed this series, reply to this email and let me know what you liked best. Do you have more tips? Jump on our facebook page and let us know your renovation story.

Did you know Your Empire can manage everything from A-Z for your renovation? I was surprised to hear that many of our clients had no idea. We have our very own list of contacts, valuers, construction managers, tradespeople and even mortgage brokers that do all the hard work for you. Contact Your Empire to talk with us about your next renovation project.

Your Empire can provide a capped fixed price quote for your next renovation. Let’s talk about exactly what I have discussed in this series with regards to building equity, outsourcing and ensuring you have no renovation budget surprises.

 

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