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Is There Still Time for Pre-Festive Season Rental Renovations?
The Festive season is almost upon us. It’s the time of year when the plans we committed to carrying out earlier in the year, become uncompleted evidence of the way the year has flown past. And we start wondering if it’s still possible to finish them before Santa arrives, or the clock strikes 12 on Old Year’s Night. When it comes to investment property renovations, Baxton Property Management in Hobart answers a guarded Yes and No as to what can still be accomplished at this time of year. It all depends on what you are wanting to do.
The countdown is definitely on for the arrival of the “silly season”, a time when most of the focus is on fun, festivities and summer holidays. But the opportunity is still there to get some work done – work that can be finished in time so you are not left with works in progress as a backdrop to your Christmas dinner, or showing an unfinished rental to prospective tenants early in 2018.
Holiday feeling in the air
While according to the CFMEU Construction Union calendar, Tasmania does not have the lockdown weekends and rostered days off enjoyed by the Victoria branch of the union, there are still public holidays to be taken into account. And there’s a holiday feeling in the air with the Christmas and New Year extended weekends just a few weeks away.
This puts construction companies under pressure to complete contracts they have already signed, and little time for new ones. Finding reliable and quality contractors at this time of year is difficult because of the high demand from many property owners who are also rushing for the quickly closing gate of opportunity.
Pay attention to particular areas
It makes sense that starting big renovations is probably best left till after the season. But just because it’s probably not the right moment to completely revamp an old building, or add an extra room, that doesn’t mean there’s not still a lot of work that can be done. However, it’s wise to aim at projects that will be completed early in December at the latest, so that the contractors are off the site before the season really gets going.
Those projects could include must-do repairs, or some smaller upgrades, especially if you are planning to launch your rental property in the New Year. Projects like upgrading your bathroom, retiling the entrance hall, or letting a professional paint job give your premises a face-lift, can still be accomplished before the reindeer bring the fat man with a long white beard for a drive-by, or you start singing Auld Lang Syne.
If a deck’s on the cards (or a roof over your existing one), it could be ready for the Yuletide feast or a New Year’s Eve gathering, and at the same time add extra value to your property as a rental. On a smaller scale, adding new kitchen splashbacks, replacing locks and worn hinges, or modernizing doorknobs and redoing the lighting to brighten up your rental, can have a surprisingly large impact on the property’s appearance and ambience.
Avoid the following pitfalls
Keep your standards high. Don’t hire contractors just because they are available when others aren’t. Doing so could leave you with disputes about quotes and payments come Christmas, and a job that stands unfinished and unattractive until you can have it redone after season. This outcome could delay its rental readiness, costing you a lot in lost rent.
Make a priority list, and, if necessary, get fewer projects completed satisfactorily, than have more that are left unfinished. This is definitely a case of less is more.
Tasmanian property management specialist, Baxton. has seen a lot of silly season renovations undertaken in its team’s 100 years of collective service in property management. Many have worked out well, while others haven’t. This is why Baxton recommends a well-planned and practical approach to renovations undertaken at this time. For more information relevant to both tenants and property owners, don’t miss the blogs on the Baxton website.
- Investment Property: What Renovations Help you Up the Rent?
- Landlords: Tips for renovations
- Property Management Tips on Paint Colours that Work Well
We hope you enjoyed this article
The information contained in this article is based on the authors opinion only and is of a general nature which is not indicative of future results or events and does not consider your personal situation or particular needs. Professional advice should always be sought relevant to your circumstances.
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