What Renovations To Do & Avoid For Real Estate Investors

The Wisdom, Lifestyle, Money, Show

In this episode, Scott Dillingham discusses real estate renovations for investors with Nick Messina from Team Goran Remax and Kass from Kass Design Studios. They highlight the mistakes that investors often make when renovating, such as choosing unique and custom designs instead of going for more neutral and generic options. They also discuss the importance of kitchen and bathroom renovations in maximizing the value of a home. The experts emphasize the need to consult professionals and build a team when undertaking renovations. They also caution against making drastic and outlandish design choices that may deter potential buyers.

• (00:00) - Introduction and Background
• (01:19) - Avoiding Mistakes in Real Estate Renovations
• (04:35) - Cost-Cutting Strategies for Renovations
• (06:53) - Maximizing Value: Key Renovations for Homeowners
• (10:04) - Creating a Vision and Building a Team
• (11:58) - Avoiding Ugly Renovations
• (18:50) - Standing Out in a Competitive Market
• (20:42) - Final Tips and Conclusion

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Takeaways

• Investors should avoid unique and custom designs and opt for more neutral and generic options when renovating properties.
• Kitchen renovations can provide a high return on investment, with an average of 75-100% ROI.
• Bathroom renovations, particularly updating one bathroom completely and making quick fixes in the other, can also yield a good return on investment.
• Consulting professionals and building a team is crucial when undertaking renovations to ensure the best results.
• Avoid making drastic and outlandish design choices that may deter potential buyers.
• Consider the target market and appeal to a wider audience when renovating for resale.
• Use visuals and mood boards to communicate your vision to contractors and ensure everyone is on the same page.
• Allocate both time and money wisely when renovating a property.
• Consider financing options that allow you to build renovation costs into your mortgage.
• Research and plan renovations carefully to maximize the value of your home.
• Don't underestimate the importance of layout and space allocation when renovating.
• Avoid mixing too many styles and keep the design cohesive.
• Consider the potential resale value of renovations and make choices that will appeal to future buyers.
• Building a team of professionals who understand your goals and vision is essential for successful renovations.

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