Renovation Tips

Your most basic goal is to get back every dollar you spend on renovations. So if you spend $20,000, you need to see a value increase of at least $20,000. Ideally, you want to see at least $2 of added value for every dollar you spend.

Simple renovations, such as reroofing and fixing cracks in the wall probably won’t add that value.

Bigger renovations, like kitchen and bathroom remodels, to create value.

As a first-time buyer:

Aim to spend no more than 8% to 10% of the property’s value on a cosmetic renovation. The 8% is usually enough, but going up to 10% gives you a buffer if something goes wrong.

Your goal with that money is to add to the property’s value by at least 15%.

That means you’re getting $2.50 in value for every dollar you spend on the renovation.

To hit those figures, you’re going to need to crunch the numbers. 

Plan out milestones for even the smallest of renovations. 

Plan well ahead of time to avoid the project going off the rails. 

If you plan ahead, there’s a chance you’ll be able to access discounts on materials. 

You give yourself more time to find better deals. The awesome thing about renovating your own home is that you don’t need to have the entire reno budget up front you just do what you can when you can after all you have 6-12 months to get it done before you move out, and it will help you rent the property sooner and get more rent. Winner winner chicken dinner

Download a copy of Renovation Tips & Tricks guide to learn more what you need to consider room by room