When it comes to renovating an investment property, one question I’m always asked is, “How much work do I need to do?” The answer to this question will vary greatly depending on each person and their current situation. Are you a do-it-yourself (DIY) type of person? Do you love looking for inexpensive renovation ideas? Only you can answer these questions, but trust me, there are many benefits to doing a little renovation, not to mention spending a whole month working on the property.
So assuming you have 2-5 weeks to complete a DIY repair, what’s a realistic goal you’re trying to achieve? This will depend somewhat on your budget, but if you find some good inexpensive renovation ideas, you’ll be surprised how much you can do. My renovation budget is the same for every project I do – I like to call it a “spend as little as possible” budget! Here is a list of the most obvious and important home improvement tipsandthings you should consider when attempting a cheap DIY repair.
Interior color
A fresh coat of paint is the easiest way to make your home feel fresh again. The best thing about drawing is that anyone can do it and it’s a rewarding job. I love watching the house slowly change as each new wall is painted, and the best part is that it won’t be too expensive to do it yourself.
Renovation tip: Don’t worry if you’re going to paint your house beige! Real estate investors always make the mistake of choosing plain and boring colors. Paint the house as if you lived in it. If you’re feeling really adventurous, you can even include a feature wall.
Floors
Replacing existing flooring is another way to make your property look brand new. You can either replace the carpet, or in some homes you can refinish the floorboards under the carpet.
Renovation Tip: This is the part of the DIY renovation process that I recommend hiring someone to do for you (polished floors, carpets). Professionals work so quickly, nicely and cheaply that it’s hard to argue with doing it yourself. To save money, you can tear up the old carpet and leave it at the staples until the professional arrives.
Bathroom and kitchen
These two spaces are very important when it comes to renovating an investment property. If money is in your budget, the bathroom and kitchen are good places to spend it. How much you do here is up to you, but I recommend trying to keep these two areas clean, modern, and usable.
Renovation Tip: Instead of re-tiling, you can use tile paint very effectively. I used “White Knight” tile paint on my old tile from the 80’s and the results are great.
Relationship
Replacing old light fixtures, doorknobs, and cabinet hardware is a great DIY renovation idea. It’s an easy and inexpensive way to give your investment property a “modern feel”.
Renovation tip: Look for expensive designer brands, then find good quality imitations at a quarter of the price.
The garden
One full day in the garden and you can make a big difference to the overall look of your home. Pull the weeds, trim the branches, mow the lawn, clear the driveway and suddenly your property looks great. You can say: “How long has the driveway restored the house with their own hands”? I don’t care what you call it – gardening, DIY, renovation, cleaning – the truth is that a day or two in your garden can definitely make your home more attractive to potential tenants and bank valuers.
Renovation Tip: Getting help from family and friends is a big part of this DIY renovation. Everyone has done some gardening at some point, and you can even turn it into a barbecue event. This will make it more fun and easier because the whole family can come.
External coating / plaster
It may not be your first priority, but it will go a long way in improving the first impressions you make in your household. If your property is a surfboard, a few coats of paint is a good idea, or if it’s a brick house, the decor of your property can make all the difference. Render can transform an old and ugly brick house into a modern and beautiful space in just a few days. In this regard the DIY home ideascan be beneficial for you.
