Setting the proper expectations when you're renovating for profit

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Setting the proper expectations when you're renovating for profit
Universal Magazines
By Naomi Findlay

When you renovate a property, you’re prone to believe a few things at the onset.

Some may are realistic but some may not always be possible. Just like believing…

… That Perfection is Possible

Always favour quality over perfection. When it comes to generating profit from property renovation, quality craftsmanship is one factor that’ll help significantly boost its market value. Besides, things like tiling, painting, and brickwork are done by humans. And being a property renovator, it’ll be your duty to make sure that your project is progressing as planned and that the type of work done meets your quality standards.

… That Budget will Work Itself Out

As with any project, budget is the first thing that you should be thinking about. It’s something that you should be planning for. Take into account labour and material costs, factoring in things like downpayment, ongoing payments, and your final payment. You should also remember one important thing: to pay your tradies on time every time. It’s a critical part of maintaining a great working relationship with them.

… That the Cheapest Bid Will Do It

One thing about settling for the cheapest bid is that you won’t always get the best results. Just like what I’ve mentioned about perfection, you ought to be looking for quality work on your project – not the one that offers the cheapest costs. So what you can do is to consult multiple contractors, collect proposals from them, and compare the costs. You can also ask to review their previous projects and see how those performed in the market following the renovation.

… That All Contractors are Licensed

Sure, everyone you know can present themselves in a business-like manner. But what you ought to be looking for is the proof that they’re legally in business. Ask to see their license and ask about important things like liability insurance. You’re going to try to make things as safe as possible and to implement quality work, but if any of these things ever ‘fall short,’ then you know that you’re off the hook when it comes to legal liabilities.

… That the Project will Be Completed in a Jiffy

Commonly, cosmetic renovation projects take 6 weeks or more to be completed. That’s why it’s important that you work closely with your contractors to establish a timeline and a sequence of how each work needs to be completed. Being organised is the key to efficiency – and preventing over or under capitalisation.

… That You Can Go Impersonal

Look, your attitude influences the decision of a contractor to work with you and how they’ll approach the project. So if you think that you can put a considerable distance between you and your trades, then that distance will eventually reflect on the finished work. Be friends with your contractors. Talk to the trades and ask them about what they’re doing. Let them feel proud about their expertise. You’ll learn a thing or two while establishing an open relationship with them. And oh: don’t forget to ask for their opinion. They know their craft better than you do.

… That You Can Take their Word for It

Yes, you and your contractor are supposed to have a working relationship built on trust. But always remember that a renovation project is a formal project that requires a written agreement. Put everything – and I mean everything – in writing. It’s always good to have a solid reference to go back to in case clarification is needed. In addition, having a written agreement sets realistic expectations for you when it comes to the outcome of the project.

… That You Can Renovate for You

Of course, you can renovate for you! But if you’re renovating for wealth, then you should do it for your market. After all, they’re on the buying end. They’ll be looking for a place that they’ll identify with, and a place that they can customise. So in everything you do, as in every business, put your customers in mind first.

For more information

Zadel Property Education



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Publish at: , last modify at: 21/07/2017
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