You Have $10K to for Renovations – Where do You Spend it?

By Jared Hope

This is a tough question as it all depends on the state of the house. For example: How old are the floors? How bad are the walls? How old is the kitchen? Are the bathrooms in bad shape?

So, let?s assume you are just buying the house and would like to make some good, efficient repairs or renovations to it in hopes of increasing profits down the line.

If it was me, and I was willing to put up to $10,000 into a property, I would first look at the outside of the house. Most people feel this means curb appeal and as much as curb appeal helps with the first impression and the potential rental of the unit, it is not where I would focus my budget. But if I were to put some money towards curb appeal, I would probably work with someone similar to Greater Brisbane Gardens (https://greaterbrisbanegardens.com.au/services/garden-maintenance/) to create a fantastic first impression.

The first thing I would be doing is draft proof the house. Search for specialists using phrases like ‘window replacement austin texas‘ to find the best people for the job, whether it’s the windows or doors that are letting in a breeze. Next, find ways to prevent water from entering the house. Improving things such as:

1. Increasing eaves troughs to 5″.
2. Installing a 4 x 4 post, 15-20 feet away from the house, and run the down spouts to them.
3. Increasing the grade around the house to improve water drainage.
4. Install a Weeping Tile (you might have heard of it being called a French Drain instead though). If you are wondering what weeping tile is used for, then keep on reading. The idea behind this is that it takes water that could threaten a structure, and move it to a place where it is no longer a threat

Once the outside of the house is secure, I would look at the inside.

Consider such tasks as:

• Installing water shut offs on each tap.
• Re-caulking all tubs, showers and sinks.
• Re-caulking or tar all skylights and roof vents.
• Scope the main drain line leaving the house and auger out if needed.

I understand the above tasks will not necessarily be selling features to a tenant, but they will make you money just the same. By preventing water damage today it could, and most probably will at some point, save you thousands, if not tens of thousands down the road! However, if your attempts to prevent water damage don’t pay off, it might be worth looking to find a company to help you get your property back to normal as soon as possible. Using a company like Sarkinen Water Damage Restoration, for example, might be useful to try and help you remove the water and minimize the damage. Even with water damage prevention methods in place, it’s still worth keeping a company like that in mind.

Other areas to target once the water issues have been resolved are:

• kitchens
• bathrooms
• flooring
• painting
• trim/doors

Sometimes, the best ROI will come from finding ways to reduce costs down the road. If you plan for a rainy day today, and it never comes because of all the steps you have taken, then that means the sun will always be shining.

Jared Hope is the Operating Partner and General Manager of LLR Canada Landlord Resource Centre. Over the past nine years, Jared has successfully managed all aspects of a dynamic and growing real estate portfolio including direct and contractor based maintenance programs.