With a brand new property or remodel, you can start fresh. You’ll have the opportunity to build in attractive features as you develop an identity for your property, making choices that will add value to the unit long-term.
In the real estate world ‘renovation’ and ‘remodel’ can have different connotations that make a big difference when it comes to costs and property values. If you’re considering investing in a property to fix or flip, understanding these differences can be important in knowing what to look and plan for.
How much wear and tear can it withstand before the user starts to show? How much does it cost to fix the damages? How often do you find yourself paying for expensive repairs?
With maintenance costs cutting into your rental profits, you want to think long-term when it comes to upgrades and preventative maintenance. While the initial costs of these upgrades might be expensive, you’ll find you will save money in the long run through low-maintenance renovations.
