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Updated over 6 years ago on . Most recent reply
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Best time for renovations
I am looking to start out soon, investing in Saint Louis. Specifically South city multi family homes. My question, is there a time of year that is better or worse for renovations to happen? I live in Phoenix so all year round here is an okay time for it. I am not familiar with the seasonality of Saint Louis. Like is starting in the winter going to lead to a lot of down time? Or is the perfect time since contractors will be slow and want the work etc..?
Just curious if there is a sweet spot on planing renovations to occur or if it doesn't matter.
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@Samuel Glantz Equally important, if not more so, is when your renovated units will be completed and on the market for renters. I bought my first STL property last year and started renovating 4 of the units in the fall. They were completed in January, and then they just sat there for 2 months. We had to drop the rent a couple times just to get renters in there for below-market rent.
Like you, I'm from a warm weather climate. In L.A., moving in January is no different from moving in August. Market rent is market rent. But as my property manager pointed out: "Would you want to move furniture when it's 22 degrees out and snowing?" Kinda makes sense now.
By comparison, we finished renovating 2 other units over the summer so that they were ready in late July. We got market rent in two or three weeks.
Re GC, I had a lot of trouble finding a good GC who wasn't booked out for months. Ended up switching to a new property management company that also has a construction arm of their company. Ended up working a lot better.
Good luck!!