How do you choose how much to renovate and how to finish your propeties??
What’s the difference in renovations for a flip vs. rental?
If you’re doing a rental property, keep it simple. It’s going to take a lot of wear and tear so don’t pour your heart into the design and finish. You really need to just make a nice quality, clean place for people to rent and get the money rolling in the door. Now, if you’re doing a flip, make sure you put a little extra flash on your finish. Some nice back splash tile, better quality, flooring, a nice color paint on the wall (maybe two-toning baseboards and ceilings) will make it standout against the competition.
In both situations, don’t over-renovate. I see this happen all the time: too many people watch HGTV and want to release their inner-designer and they spend a small fortune making renovations that don’t either a) boost their rental or b) boost their property value or their sale price. Renovate to what your product will bring in. Look at other properties in the area and use them as a guideline of what you have to do and what you don’t have to do. Never over renovate your properties because that’s just going to add more dollars to your budget and decrease your profits.