Renovating is great, especially to a new purchase that you want to make your own, but sometimes “refreshing” a space may be a better solution (in particular, a rental!). What’s the difference? A refresh would involve painting, updating light fixtures, upgrading appliances, and not too much else. Renovating, on the other hand would be much more involved (as I’m sure you already know). The refresh is a great idea in certain cases, but not necessarily all. Let me explain…
Take the space we spoke about with one of our clients earlier this week, for example. The couple recently bought the property as an investment, which was already a rental. Certain aspects of the space had been updated prior to their purchase (like the counter tops in the kitchen and bathrooms), but not all of the space had gotten the proper attention. So they were considering some “minor” renovations, which is why they gave us a call. Items on the docket included flooring, appliances, paint colors, furniture, lighting, and the like. The more we spoke about the subject, the minor slowly crept into the major category without being a full renovation…oops (LOL)! In this case, due to the previous work (and the fact of it currently being a rental property) we felt it wise to advise them to make the space function by refreshing it for now and look into a renovation down the road (which also made sense with the budget). Why am I going into all this detail about it? Because we want you to spend your money wisely (see what I did thereJ!). More often than not, it is worth completing a full renovation, because the return on investment sides in your favor. However, in this case, the best solution was to refresh and continue to rent for a while before completing the renovation.
Here’s an example of the ROI on a full remodel working quite favorably. So, without further adieu, on to the eye candy…
Joseph D. Clark
Chic on the Cheap