Real estate investment often requires a few property touch-ups and repairs. Some investments will benefit by a full rehab before you put them on the market. Is it possible to get properties for resale without breaking the bank? Yes it is, and here’s how:
If you’ve been following our blog, you’ve heard us say planning is the most valuable skill you can cultivate, no matter what you’re doing. When it comes to your real estate investing business, planning directly contributes to your success by saving you time and money down the road. A strong business plan will help you stay organized as you grow your business.
Upcycling and Repurposing
Always think ahead when removing wood, metal, and fixtures from properties. Instead of just recycling, let your imagination run wild. How might you be able to up-cycle materials in future projects?
Up-cycle? What’s that?
The best way to hang onto your cash is to make wise decisions. Buy cheap, do what you have to and then sell cheap. Fast.
Up-cycling is a step up from recycling. It’s more than reusing. It means giving things a better life than they had in past lives. For instance, worn metal fixtures can be converted into modern shabby-sheik lamps and barn doors can be installed indoors for a country look.
Try pulling wooden planks, glass and dated fixtures from one property and then up-cycling them. It will save money and also create an upscale look in the home you’re refurbishing. Warehouse lockers can be transformed into cabinets and flowerpots into track lighting fixtures.
Reconditioning old doors and repurposing discarded materials may be inexpensive and contemporary, but it takes time. If you have the time great! If not you might want to reconsider and purchase new or gently used home accessories. Remember, if you’re not going to hold on to the property you might as well do what you have to do to bring the home up to code and then pass it along to the next owner.
The best way to hang onto your cash is to make wise decisions. It’s easy to get caught up in design and decorating, but saving money will mean exercising restraint. Buy cheap, do what you have to and then sell cheap. Fast.