How Difficult is It to Restore or Renovate a Property?

You might have thought once or twice about restoring or renovating a property, whether you’re a new investor or a longtime real estate agent. After all, as home prices continue to gain extraordinary value in areas throughout the country, more people are asking what it takes to renovate.

And after decades in the business, buying and selling countless properties, I can say without question that renovating can be worth it. And I don’t just mean in the investment aspect, though there’s that too. After winning awards for my renovations, I can say that there’s also a certain amount of accomplishment and pride in it all, especially when you see the home go to someone who will love it.

But let’s take a look today at the challenges and rewards of renovating a property for investment value.

Challenge: Every property is different

If you’ve checked out a few properties, you’re probably already getting a sense that every single one of them is different. And when you think about real estate, the possibilities really are endless… but so are the choices and what you need to know. When you set out to renovate a property, this can be a big challenge.

Opportunity: You can make your renovation property stand out

Research the history of the home, the area, and the architectural style. Check up on the latest trends and imagine how you might incorporate them into this property. While some people are overwhelmed by the sheer number of possibilities, when you harness them, you can truly make your property shine.

Challenge: A restore or renovation of a property requires many skills

Plumbing, landscaping, decorating, knowledge of tax advantages, and more. I could make a list a mile long of all the skills I’ve had to be familiar with in the course of my career renovating properties. It certainly makes you appreciate just how complex something as simple as a house can be!

Opportunity: You can develop your network

But you don’t have to do it all yourself. In fact, I recommend getting a team! You’ll want to connect with vendors you can trust, and once you have, the potential is huge. Through my career, I’ve amassed a deep network of professionals from Minnesota to Florida. And every one of them has helped build my vision of property renovation.

Challenge: It doesn’t always go as planned

You might have seen a TV show or two where even semi-experienced property investors get caught in a renovation. Because of what we’ve seen above, you can imagine that there will be a few curveballs thrown your way on occasion. This can be a remarkable challenge for almost anyone.

Opportunity: Use your patience and flexibility, but have multiple exit plans

My model for real estate investment has been founded on flexibility and being able to adapt. Whenever those curveballs come my way, I’m ready to pivot and make the necessary decisions to preserve my initial investment. What does that look like?

I am thankful that during my career I’ve had great success harnessing my model to renovate properties. 

Terry Records