Repairing and Renovating Your Investment Property

In This Chapter

^ Drawing up a renovation plan and budget

Beautifying a property that's in pretty good shape ^ Whipping kitchens and bathrooms into shape ^ Adding value with new rooms and features cquiring a foreclosure property for a price significantly below market W »value is like taking the perfect backswing in golf — it's a necessary first step to ensuring a profitable investment, but it's not enough to land you on the green. Once you acquire a property, work on your forward swing and follow-through. You need to renovate the property without blowing your budget and do it as quickly as possible, so you can sell the house before holding costs bite a huge chunk out of your profit pie.

In this chapter, I reveal the overall strategy for repairing and renovating an investment property to get the most bang for your buck. I warn you against making the common mistake of over-improving the property and then present renovation strategies and tips for everything from quick, cosmetic makeovers to major reconstruction projects.

All home buyers want a nice, clean house in the price range they can afford with as few mechanical problems (plumbing, gas, electric, and heating) as possible. When buying and renovating houses, let these factors guide your renovation decisions.

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