DESIGN
BUDGETING
SPONSORED CONTENT
Inflation-proofing Your Renovation Budget
DESPITE LABOR SHORTAGES AND INCREASES IN THE PRICE OF MATERIALS, STAYING OPEN TO POSSIBILITIES AND TURNING UP THE CREATIVE JUICES CAN HELP INVESTORS ACHIEVE QUALITY RENOVATIONS THAT ATTRACT BUYERS.
by Suni Goff
eal estate investors who renovate and redesign for retail
quality renovations that buyers will love while staying within budget.
However, frustration has started to replace the excitement of home renovation as shortages in materials and labor as well as price increases continue to be a challenge. Many investors find themselves struggling to meet budgets for making neces- sary repairs and marketable updates while maintaining a worthwhile profit. By cranking up the creativity and keeping an open mind, investors can face these new challenges head-on, continuing to provide
R
are in the business for more than just numbers. Being able to see past lay - ers of chipped paint, rusted hardware, and DIY fails to spot potential brings a satisfaction beyond the paycheck at the close of a deal. The manifestation of a design vision that breathes new life into tired, neglected walls so they become someone’s loved home once more creates a sense of pride that adds another layer of wealth.
BUDGET BASICS Investing for retail begins with the challenge of creating (cue: deep, echoing voice-over) “The Renovation Budget.” The profit potential and renovation budget for a project are symbiotic numbers. They slide up and down a scale determined by formulas that include estimated
8 | think realty magazine :: may – june 2022
Made with FlippingBook Online newsletter