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How to Successfully Renovate an Older Investment Property

Finance Upgrades with a Convenient Idaho Hard Money Loan

In Boise, Idaho’s historic North End, Queen Anne style homes and pre-war bungalows grace tree-lined streets. The neighborhood’s primary thoroughfare, Harrison Boulevard, is on the National Register of Historic Places.

It’s a beautiful area in one of the country’s hottest housing markets.

When and where is it worth investing in an older property for investment purposes?

Experienced real estate investors know that renovating an older home as a house flip or long-term rental can be both challenging and rewarding. Major repairs and maintenance issues are common, making financial return questionable. But sometimes a property comes along that’s worth the effort.

If you’re considering purchasing an older or historic property in Boise or beyond, follow these tips for a successful ROI.

Older Property Renovation Tips

  • Research: Know your property’s history to avoid renovation mistakes and repair issues. Historical details provide helpful design reference while renovating.
  • Start at the top: A roof that leaks or sags means any renovations done will be a loss. Invest in repairs before beginning any other work.
  • Solid foundation: Uneven floors, a cracked foundation or water seepage can all be signs of trouble. Get any foundation issues fully resolved before moving on.
  • Kitchen and bathroom: Functional upgrades in the kitchen and bath provide the highest ROI. Improve plumbing, tiling, cabinetry, counters, flooring and appliances.
  • Use professionals: Some projects may be DIY. But professionals understand the pitfalls of older homes and will save you time and money in the long run.
  • Finances: Budget extra for repairs. Unexpected costs and repairs inevitably crop up in older homes.
  • Fit in: Be thoughtful when planning your renovation design elements. Keep the history and integrity of your property and the surrounding neighborhood in mind.

With planning and proper financing, you can turn an old property into something special – and make a profit!

Get Funding for Upgrades with an Idaho Equity Loan

We provide hard money loan services to investors throughout Idaho. We know the Idaho real estate market and bring over 30 years’ lending experience to each client partnership. We are keenly knowledgeable about property types and what it takes as an investor to be successful. Every loan request is different and each investor is unique. That’s why our Gregory M. Russell private money loan services are fast and no-hassle. Apply today and have money in hand for your renovation project within two weeks. Call 1-888-477-0444 to learn more.