DO YOU WANT TO INCREASE THE POTENTIAL OF YOUR PROPERTY? RENOVATION IS YOUR ANSWER!
Renovating or constructing a property in Bosnia and Herzegovina might seem like a bit of a challenge but with preparation, lots of patience and the right professionals at your side it will be an experience and your fabulous property in Bosnia and Herzegovina will make it all worth it in the end.
Why renovate a house? What are the benefits?
- improve your lifestyle if you don’t want to sell or rent but just use it.
- it gives the house a longer lifespan
- adds to your property’s value
- helps sell or rent faster
- stronger resale value and rental value
- makes banks happy and give a higher estimate of the property and therefore lend more money
- Big property owners and real estate investors renovate their properties frequently. After a tenant leaves (3 years) they do partial renovations (paint, sanitary wares) and every 8-10 years they do major works to preserve a high rental value for their property and therefore increase the dividends perceived. This also reflects on the loan to value ratio, whilst it has decreased due to the time it also decreases because of higher valuations, which in turn will give the possibility to the owner to ask his bank to increase the lending ratio.. funds borrowed can then be used to buy more properties... and the ball gets rolling..
Is it costy ?
Depends on the works to be done.
And it depends on the finishing the client chooses.
An important cost is the architect, contractors and project managers; in Sarajevo it can represent up to 15% of the project.
A good contracting company would actually find the perfect works to be done, that are needed the most for a specific property, that can fit within the client's budget.
At the end of the day, it is you who knows how much you want to invest.
What are the renovation options?
- give a stylish touch to a démodé property
- refresh it; repaint, change of flooring, electricity update etc.
- modernize it; convert it into a smart home or partial automation.
- It can be total renovations in all the rooms of the house, involving heavy works (sanitary, masonry, change of flooring, kitchen etc..
- It can be also limited to certain rooms like just redoing a new kitchen or adding a cheminé to the living room for example.
- And it can be simple decoration upgrades, like adding some hidden light, cladding of a wall, adding prefab walls or decorative shelving.
How long can it take?
It can take a couple of weeks to several months.
It depends on the works you want and on the cash flow availability you have.
Renovating can be stressing and can be very time consuming when not done correctly, without planning, without a clear picture of what must be done, without a good team or without knowing what materials to use.
Whether you just want a small refreshment or open a complete home renovation, without the right recipe it will take probably twice the time to finalize it. And therefore it will end up costing you much more than what you had already planned.
Because time is money. When not rented or sold, you lose dividends
Because if you want to live it, you will need to relocate or readapt certain habits that will make you inevitably spend more that simply the cost of renovation itself
How can I finance it?
You can apply for financing from the bank; increasing the loan/value ratio or by taking a personal loan on it.
Or you can self-finance it. By injecting capital. Hard decision to take some time but remember that you will get back several times over in dividends in the long run.
How is Rise Capital a plus if you wish to renovate?
We can solve all of the problems mentioned above.
We adopt a client mindset and not a contractor’s mindset.
The first question we ask ourselves is what we would do if it was ours.
We have a step by step approach and plan it all in a record time and deliver you with a clear, understandable, transparent and feasible project:
1. We listen to your target and the “why” you want to renovate; lifestyle improvement or commercial goals.
2. We see what the property needs the most; we lay them down as priorities and stay in line with your target.
a. We study and research what fits best for this property, in terms of location, in terms of market trend and demand
b. We make a conceptual project and design so that your property gets you the most it could get; fast resale/rent, higher valuation, more competitive and appealing
3. We show you how it would look like.
4. After approval we show you the work planning, timing and final budget
5. We help you solve the financial matter
6. We can help you furnish it
7. We will sell it or rent it for you