Whether you’ve taken the leap into real estate investing, or are still shopping for your first Boston-area investment property, you’ve likely come across a listing or two that would be an ideal investment “If only.” If only it had an updated bathroom, if only it had a more efficient kitchen layout, if only it had more natural light…etc.
Luckily, turning an investment property from “almost ideal” to “practically perfect” is possible if you keep these apartment remodeling tips top of mind:
Define Your Desired Outcome
Stephen R. Covey said it best: “Begin with the end in mind.” In real estate investment remodeling, this means beginning your project with a clear vision of your desired outcome. Think about both what you want to change, e.g., “I want to redo the kitchen” and why you want to change it, e.g., “a smarter kitchen layout will help a renter more easily visualize themselves cooking here.” Because limiting factors like time and money are certain to eventually impact your effort, do your best at the outset to separate your remodel’s must-haves from nice-to-haves. By beginning your remodeling effort with a distinct vision of your final product, you set your project up for success.
Pair Up with a Professional
A lot more than a vision goes into a successful remodel. Obtaining permits, sourcing supplies, and adhering to a budget are all crucial skills that you should look for in a contractor when beginning a remodeling effort. By partnering with a trusted professional, you can take a lot of the guesswork out of your project and feel confident that your remodel is in good hands. Ask friends and family for contractor recommendations, read reviews, and check out the contractor’s recent work to be sure you’re making the right choice for your remodel.
Communicate Early and Often
Once you’ve defined your vision and identified the professional who can help you achieve it, get ready to communicate early and often. As your trusted partner in the remodeling process, your contractor needs constant feedback from you to ensure expectations are being met, and the effort is on track. Find out how your contractor prefers to be communicated with: daily texts, calls, site visits, etc. and then commit to staying accountable until your project’s vision is achieved.
For more information about apartment remodeling or contracting for real estate investment properties in the Boston area, contact R.H. Blanchard Contract & Design today.