Renovations can be a stressful experience, made more so by the many mistakes made during the process. Here are some top mistakes to avoid during your project.
Being too Cheap
Under-budgeting and buying with a focus on buying cheap is a major mistake too many property owners make in their rental properties. The aim should be to provide a great living environment, creating tenant demand and reducing vacancies. When revocating rental properties a budget is necessary, however many property owners forget that a sky high budget isn’t usually necessary when buying quality products. What is important is to focus on bringing some modern touches in the property, along with giving it a fresh, clean look. The key is to go for on-trend colours, materials and fittings. Paint colours and curtains should be neutral tones and curtains should be matched.
Another point to consider is cheap fixtures, fittings, and appliances usually require more future maintenance, and can need to be replaced after a shorter period, making the cost more expensive than if a quality item was purchased in the first place. In short, buying cheap ends up being more expensive in the long-run, so to get the most profit from your property it’s best to focus on value.
Not Having The Time Or Skills
Kiwis love DIY, but some property owners make the mistake of trying to complete projects beyond their knowledge and skills, possibly making the outcome appear cheap, and causing more maintenance issues in future than necessary. Also consider how much time is available because DIYs that drag on are usually the worst outcome. We’ve often seen long vacancies caused by DIY renovations, and it can make much more sense to have the work completed promptly by a tradesperson, rather than having costly delays. It should be remembered that unnecessary vacancies are one of the biggest “costs” in property management.
Overlooking The Little Things
Yes installing a big appliance like an energy efficient heat pump can be fundamental to the tenant’s decision to live in a particular property, however many landlords make the mistake of not taking the time to focus on the small things in the property. Replacing light switches with modern styles, and changing kitchen cupboard handles can work wonders, and for a relatively low outlay will help modernise the property, helping to increase the rental value.
Not Addressing The Moisture Issue
Wellington gets bad weather, and like all kiwis, tenants want healthy, warm, dry homes. In general, moisture makes properties less attractive to tenants, reducing property demand. Moisture makes properties harder to heat, encourages mould, and damages the paint around windows, causing future maintenance issues. Moisture can be cause by cooking, showers, baths, and poorly sealed windows causing moisture to develop in the property. To reduce moisture, try adding an Xpelair fan in the kitchen and bathroom, plus a dehumidifier and HRV ventilation system to the property. The properties we manage that have appropriate moisture reduction systems in general attract more rent and have less tenant turnover.
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