The right renovations can transform a property into a wise investment, even if you’re not flipping a home. But you should move as quickly as you can - once you secure a property, every day without a tenant in the home is costing you money. The necessary renovations that will get a home into move-in condition need to be done ASAP. But have you ever wondered which renovations will get you there? 


Rely on Matthew Scott’s extensive experience in the construction game for help. He’ll work with you to figure out the renovations and budget you need to get that income property on the market. His tips will also help you attract the right tenants so you can earn that return on investment!


Making Renovation Decisions For Your Income Property Investment

Not all income properties need the same renovation solutions. What you get back can depend on how the jobs make the home safer and more attractive. You can consult general internet research, but the answers you find won’t be tailored to your specific needs. By adding Matthew Scott to your team, you’ll learn what renovations will recoup your investment for your specific property. 


What works for one property and area might not work for another, so you should avoid general advice. Customizing your plan can help you achieve greater profits and make the most out of your venture investment. With Matthew’s renovation assistance, design and prepare a renovation plan that can help improve investment profitability while staying within your financial means!

Clearing Up Misconceptions About Renovations

Many property owners have misunderstandings about renovations, and these mistakes can be costly. Just because you put a certain amount of money into the renovations doesn’t mean that the property is worth exactly that amount more; a $50,000 job doesn’t equate $50,000 more on the asking price. The buyer sees different parts of the home as more valuable, both practically and aesthetically.

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Some of the necessary renovations might just bring the property up to code. Many parts of the home have expiry dates, and unfortunately, things like an HVAC system or a roof are necessary. In these instances, the investor isn’t increasing the selling price - they’re maintaining the worth of your property. These jobs are getting the home to a baseline standard for liveability.


Of course, the reason you need to renovate these parts might be why the price was low enough to attract you in the first place. But don’t think of the money spent as an apples-to-apples comparison with the money you’ll make. Be prepared for all the contingencies and your new successes by talking with Matthew Scott, Investment Property Guru.


Note: while Matthew Scott can provide renovation services, he does so only on a case-by-case basis at his own discretion.

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