Scott McGillivray is a seasoned genuine estate investor, executive and entrepreneur. He started on his career trail in college, and has now been in a business for 16 years, best famous as a horde and executive writer of the DIY network’s Income Property series. Now in a 11th season, a uncover facilities Scott assisting homeowners reconstruct their homes or vacation properties to maximize let income.
“It became a career and a passion,” Scott shared. “It’s authentic … we suffer it, it creates clarity and it’s assisting people.”
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We sat down with Scott to plead a latest deteriorate of Income Property, and he suggested some of his best consultant tips for buying, offered and augmenting value on a home or vacation property.
The one order for vacation rentals
On this deteriorate of Income Property, Scott guides owners to reconstruct their vacation rentals to supplement value to their homes while augmenting their income. “The best approach to emanate resources is to build value within your home,” Scott told us. He advises not to overinvest in a space, though also not to underinvest. “The size of your space dictates a size of your tenant,” he shared.
He suggested that a one large order when creation this form of investment is to make certain that we can collect one full month’s value of losses in one week’s value of rent. “A good order of profitability is, if a beach house’s monthly losses are $2,000 a month, it should lease for $2,000 a week, and all else after that initial week is profit,” he said.
DIY renovations that boost a home’s value
Scott also recommends a few elementary projects we can do yourself that will lift your property’s value, either it’s a vacation let or a full-time home. These include:
- Installing countertops
- Upgrading hardware and appliances (i.e. doorway hardware and faucets)
- Upgrading light fixtures
- Replacing toilets
DIY mistakes that reduce a home’s value
While there are a series of small (and big) things we can do to adult your home’s cost tag, there are also a few projects that can have a disastrous outcome on a value of your property. Scott common that these include:
- Eliminating bedrooms
- Adding facilities in a wrong places (i.e. squeezing in an additional lavatory that cuts into vital space)
- Improper installations (attempting to drywall, wiring your possess electrical, etc.)
- Not flitting inspections
- Installing bath and cylinder surrounds that attract mold
Other large turn-offs to buyers and renters
Some of a factors that can spin buyers and renters off when you’re perplexing to sell or accumulate new income are mostly out of your control, though they’re things we should be wakeful of. Scott common with us a 5 biggest turn-offs:
- Structural damage
The biggest mistake new home owners make
“[It’s] easier to assistance people make good decisions, rather than assistance people repair a bad decision,” Scott shared. The many common bad decision? Buyers vouchsafing their emotions get a best of them. “People make romantic decisions,” Scott said. “They tumble in adore with a place, and try to means it later. This never works out well.”
An Income Property marathon front on DIY Network Saturday 2/20 from 7am to noon ET/PT.