An interesting subject came up with a property investor so I thought I’d touch on distance renovating. A good point is that not all the best properties for investment renovation are close to home. A more attractive rental yield or lower market asking price may well be in an area that is some miles away. Always with any investment the essential point is to keep costs low in order to get the best potential from your profit. So with the project being a distance away it will be costly to do the renovations yourself with the travel costs on top.
Top tips are to locate recommended local plumbers, builders, carpenters etc. Ask for photo’s of absolutely everything from tiles to taps. A must to any property is a fresh coat of paint. This is the most economical way to make any property attractive to renters and buyers. Once your property is ready to rent out or flip out, hire a rental manager, preferably from an estate agent where you can also later sell your property on. A good idea is to get their advice on what they think is the best renovation plan. This will give you chance to establish a good relationship.
In some cases agents will pop to the project and see how the work is coming along which is a great plus as you can ask them everything you want to know. It is in their interest to see how their future business deal is doing. Again this is a good start in cementing that all important relationship. So don’t be put off by distance renovating it is in some cases really worth looking away from your current location, so keep a close eye on the market. You could always contact investors through forums and popular property news websites for their experienced opinions.