Renovating an income property: How a project manager can help
Budget is of utmost importance in an income property. That’s because an income property is a business – not a home – for the property owner. Whether you’ve purchased an income property recently, or a few years have passed and it’s time to renovate, renovating an income property should be executed differently than a home. In our experience, income property owners benefit greatly from the business-minded advice and experience of a renovation project manager during these times. Here is why. Your income property is a business You probably didn’t buy your income property just for fun – this is an investment that you expect to generate some healthy financial returns for your family. In Vancouver, investment property owners must run a tight ship – real estate prices are impossibly high, yet rents rarely cover your monthly costs. That’s why,