FAQ's
Q. What’s the difference between renovating my own home and renovating an investment property? Why should I use Hotspace?
A. Renovating an investment property is in a different league altogether to renovating your own home. The decisions you make when designing your own home are emotional. At Hotspace, one of our jobs is to help you avoid becoming emotional about your investment property. What matters is that your renovation makes your property worth more. Pure and simple. It doesn’t necessarily need to be a property that you would live in yourself – this is the trap that many investors fall in to. Don’t let it be you! Hotspace will help you see the possibilities of your property from an independent, unemotional perspective.
Q. I can pay a regular colour consultant $150 per hour to help me design my renovation – why should I use Hotspace?
A. Colour has a very important role in the effective design of a property - there is no question. However, designing for a reduced budget requires skill and experience and there is a LOT more to it than selecting the right colours and finishes. Utilising the design principles and dozens of specific tips and tricks we’ve learnt from our experience working on reduced budget renovations, your Hotspace design report gives unique, accurate and effective advice for the results you want. A regular interior designer will make your property look good, but Hotspace will make your property look great AND make it worth more (in a very short space of time!). Importantly too, our fee is fixed so you can calculate your costs up front.
Q. Using a designer is a luxury isn’t it? This is a budget renovation, so why should I use Hotspace?
A. The advice Hotspace offers is an investment into your property. Wise investors and property owners immediately see the value in the advice Hotspace offers and don’t bat an eyelid when they learn of the probable return on their renovation spend. Taking professional advice from Hotspace in order to gain outstanding results is a necessity - not a luxury, for those in the know.
Q. Why should I renovate before putting my property on the market? My real estate agent says not to bother and to let the buyer do their own renovation.
A. Any Real estate agent wants your listing now – not in the future some time, so of course they are going to give you that advice. If you want your property sold faster and at a higher price, then invest some money up front in a minor renovation that will take you as little as 7-10 days. You have one chance to impress potential purchasers. Other properties for sale at the same time are your competition – be at the front in the race to sell your property – but don’t just sell it faster, get Hotspace to help you sell it for more!
Q. Our property manager tells us not to bother renovating as they don’t anticipate a rental increase as a result.
A. Your property manager is most likely looking at your property from their perspective, not yours. If the rental income increases even $100 per week as a result of your renovation, then they will only earn approximately an additional $8 per week. They forget that your property is likely to increase in value significantly – giving you the opportunity to purchase another investment property and further build on your property portfolio.
Q. Everyone has their advice for us – we are confused about whether we should renovate or not!
A. Property is one area where everyone seems to have an opinion. Our advice is always to take advice from people who have succeeded in the areas you want to succeed in. We recommend talking to other investors in your area. You can even give us a call as we will likely have success stories we can share with you!