Why a Property Manager and an Interior Designer Should Handle Your Renovations
Updated: Sep 9
Whether it's renovating a few rooms or your entire property, there's no denying that renovations come with challenges and stress. However, you don't have to go through this difficult time alone or face these challenges by yourself. Professionals like property managers and interior designers can use their expertise to make your renovation affordable and efficient. The following are some of the many reasons why a property manager and an interior designer should handle your renovations.
While it's easy to find home decor inspiration in magazines or online, it's much more difficult to turn that into a reality. Property managers and interior designers' expertise aids in making this journey easier.
An interior designer can understand your unique style and needs, and work to ensure that the result is beautiful and appeals to tenants or future buyers. On the other hand, a property manager knows how to navigate landlord-tenant laws and is knowledgeable about regulations and ordinances, making their contribution essential. Additionally, property managers know the kinds of tenants that are likely to rent your property and can make suggestions to increase marketability. For example, if your tenants are likely to be families, they can encourage the use of more built-in storage. This expertise will likely lead to higher rental incomes and a better return on investment.
Renovating your property can cause a lot of stress, especially if you're the one managing the renovation, getting in touch with all the contractors, and going back and forth with different vendors. If you're an investor who is used to simply collecting passive income, this may not be the right fit. Yet, there's no need for you to be stressed. WGPM are saying that using a project manager and an interior designer to guide your renovation, you can relax and be stress-free while they ensure all the work gets done.
When most people think of hiring both a property manager and an interior designer for a renovation, their minds immediately go towards cost. However, it's important to understand that this could save you money in the long run. Both property managers and interior designers have experience in real estate and renovation and may even have industry contacts you can use. Saving on essentials such as materials and contractors can ensure you stay on budget and get the best possible price.
Interior designers know how to best use space and can maximize utility by taking advantage of nooks and other dead space. They can add functional design elements to improve a space while keeping the latest trends in mind. Additionally, renovating does not have to cost a fortune. Property managers and interior designers can work together to come up with solutions that are cost-effective and work within your budget.
Increasing Resale Value
Hiring a property manager and an interior designer is especially important if you're looking to increase resale value. According to these Albany property managers you may not want to keep an investment property forever - you may have plans to eventually sell it for a profit. A property manager and an interior designer's input can ensure you choose the right aspects to focus on instead of sinking money on things that do not translate well to resale value. For example, the property manager and interior designer can work together to transform a kitchen to ensure the renovation adds value while also being aesthetically pleasing.
Additionally, an interior designer will have the tools to determine how to best boost a home's appeal. These may be general instructions but can be combined with a property manager's location and demographic-specific insight to make decisions that help your property stand out from the rest.
Unfortunately, renovations take a long time, especially if they're extensive renovations that involve demolitions and rebuilding. With so much money being invested, you may want to meet specific timelines so you can get your property back on the rental market as soon as possible. Your property sitting empty costs you money. Getting a property manager on board is one great way of meeting a deadline and ensuring all work is completed in a timely manner. Since they are involved in the process, they can also proactively market the home to new tenants so the new tenants are approved before the renovation is complete. This results in a seamless transition and no wasted time or rental income.
Whether it's finishing the renovation on time, minimizing costs, or ensuring your resale value goes up, a property manager and an interior designer's expertise is invaluable. Letting these professionals take the rein saves you stress, and money, and ensures a great result in the long run.