Buying an investment property requires a lot of thought, as does deciding whether or not to renovate. When buying an investment property, there is a tendency to fall into the notion that changes need to be made in order to make a property not only more appealing but also more liveable.
What investors need to take into account is that while their investment properties might not tick all their personal boxes, it could meet all the needs of renters. Therefore, before renovating, there are a few key things that investors need to take into account. Firstly, does the property really need renovating? Secondly, am I only renovating to align the property with my own personal tastes? And lastly, are these changes cosmetic or infrastructure-based?
Smart renovations can undoubtedly increase rental returns, however, renovating a property isn’t only about what changes you make, but also understanding when to make the changes.
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