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Have your home improvements and savings too

Making improvements on your property can be a sure fire way to enhance its value and improve the rental.Here are some tips to make the budget stretch further and maximise the return.

In most cases, renovations and even simple home improvements require spending money. Here are some tips for improving the chances that your money is well spent and your project is successful -

  • The overall project when finished will only be as good as the design, so plan ahead to avoid possible problems and unanticipated expense.
  • If you're using a contractor, they need to understand your expectations. Be sure to establish the level of quality you desire, possibly showing them a similar completed job.
  • Write up a detailed contract including the timetable and payment schedule, the types of products that will be used with make and model numbers, and cover responsibilities of the contractor and any subcontractors.
  • Keeping in mind you get what you pay for, shop around and get a few quotes from different local contractors. Pursue whichever you think is reasonable, but be sure they can live up to your expectations.
  • Contractors will often know vendors that sell bulk resources at a much less expensive rate than you would normally spend, so don't be afraid to ask them to find the least expensive (still keeping in mind you get what you pay for).
  • Try to avoid unnecessary changes in your order, as once you've signed the contract it can be expensive to make changes or additions. Any additional work to the original contract will result in extra costs - ask the contractor for a cost estimate in writing for any change or addition before you agree for any extra work.

APC Footnote: Consider using our Renovation Assessor in our Members Only Property Invetsors Tool Box to make sure your spending is justifiable.

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