5 Ways To Spend a $10,000 RENOVATION BUDGET

In today's video, we're going to talk about 5 ways to spend about $10,000 on a renovation budget to maximize your ROI. Coming up next. Every penny that you spend renovating a property has to be justified by the ROI. For rental properties, How much extra rent will you expect for these upgrades? And for flip properties, pretty much the same thing. How much can you expect for doing this amount of work? If an improvement costs $1,000 and you get a benefit of $700 at the end of the day, it's probably not worth doing. Here are 5 ways to spend a $10,000 renovation budget for maximizing your ROI. Before we start, I want to welcome all you new people to the channel. I have over 40 years of experience as a broker, mentor, and investor. I'm here to help you, the new and experienced investor, those who want to create the life they've always wanted through real estate. So let's talk about flooring real quick. The least expensive you're going to get out there is actual carpeting. Then it moves up the scale from there. You've got wood flooring, you've got tile flooring. So depending on what you're doing, you may want to just go with carpeting. So saving a renovation budget on a kitchen. So you need to look at stuff like repainting the cabinets, freshening things up, putting brand new door handles on the doors, maybe even removing the countertops and putting in some quartz or granite on top. So depending on the budget there will depend on how much you're going to spend. Bathrooms and keeping that to a minimal on the rehab. So you can— let's say you have a bathtub and a shower combination and it's fiberglass all the way around. What we usually do is we'll paint that with epoxy. It's about a $750 expense. At the end of the day, it looks absolutely brand new. We changed the water fixtures on there and the handles, and you have a brand new shower after that for a low budget item. Now let's talk about landscaping. Landscaping can be a very expensive venture. So you want to try to do a low-cost landscaping. That is just literally cleaning things up, trimming things up. Maybe putting some fresh flowers in the entryway as you walk in. So kind of low-budget items like that. I always like to use bark and cover up the ground so that you just don't see dirt and you see nice fresh bark. Bark's very inexpensive. They come in like $2 bags and it spreads a long way. So you can use something like that for a low-cost landscaping budget. And then the 5th way is with paint. I always like to paint inside and that just gives it a fresh look. And as people are walking in, they can smell that something's been done and obviously it's painting. So that gives them the impression that there was something done into the rehab in here. Especially when it's a tenant situation. When a new tenant is looking at a property, they're always looking to make sure that the property's freshly painted. You can do a lot with $10,000, especially if you're willing to do the work yourself. It's amazing what a fresh paint job and cleanliness will do to make a property look better. If you're on a tight budget, you need to use creativity instead of cash to make your property feel fresh and new. If you're new to flipping and you want to see a completed remodel that we just did, click on this video right here. I do a full walkthrough of one of our completed flips. You won't believe how this one came out. Feel free to reach out anytime. I'm always here to help.