RENOVATION
‘Cheap, fast or quality: pick two” is many trade professionals' favourite saying. In project management it has the drier title of triple constraint theory. The basic idea is you can't have everything.
When it comes to property maintenance and improvement, getting this mix right is key to growing rental returns and equity without over-capitalising. Every informed investor will have their own strategy, from just keeping on top of basic maintenance to developing properties for rental and/or capital gains.
Developing your strategy is the first critical step, the second is less clear: how to build your A-team of professionals to help you execute.
To realise your goals, work on investment properties needs to be carefully managed, especially navigating the tight margins created by our current economic climate. Reducing outgoings can balance the books in the short term, but underinvesting in maintenance can compound problems and costs in the long term.
Adapting your strategy with the times is crucial.
