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    When Should You Renovate An Investment Property?

    So you've finally found your real estate bargain, closed the deal and taken down the For Sale notice from the front yard. Feeling pleased? So you should, but now is not the time to rest on your laurels. Don't forget, you bought this property to re-sell at a profit. So do you plan on keeping it for five or so years until real estate prices (hopefully) escalate? What will make it sell at a profit if the market value doesn't rise? In a word - renovation.

    If you had planned on keeping it for a while - maybe to live in or rent, then go easy on the renovations. Once you improve the property it will be worth more and you'll have to pay more tax on it. But if you would like to sell at a profit as quickly as possible, here are some tips.

    - Make friends with any tradesmen in your area. They often work outside of company hours for a reduced rate.
    - Set a date for the end of the renovations. It needn't be set in concrete, but it will give you a goal to work towards. Days have a habit of slipping away into weeks and months, otherwise.
    - Rent a dumpster for a couple of weeks and clear out all the old junk from the house. Anything old and tatty can go, no matter whether it is drapes, light fittings, cupboards or bathroom fixtures.
    - Find discount building centers where you can get discounts on the stuff you need.
    - Once the place is cleared out, get the painters in, followed by plumbers and electricians. Insist on good quality paint. It will save you money in the long run and you'll get a good reputation, important in a business like this.
    - Don't think you are wasting money on making the place look great. It will sell for a great deal more money and much more quickly. If you turn over money quickly you have it to spend on the next investment. Selling a home in two months is a much better investment plan than waiting for five years.
    - Revamp the garden, remembering your target market. If that is people with a young family, make the yard child friendly. Swing sets don't cost much and could be what (ahem) swings the deal.

    If your investment property is already in pretty good shape, concentrate on the smaller touches. You could -
    - Change light fittings.
    - Upgrade electrical switches.
    - Paint the front door/gate/mailbox.
    - Add some pretty garden shrubs for curb appeal.

    Be sure to keep the grass mowed and the front fence and gate in good condition. People will be really interested when they see a house turned into a home.

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