30 Day Rental Transformation
We had a simple goal: a complete vacation rental renovation in 30 days.
Ambitious? Yes. Doable? Absolutely.
Here’s how we did it:
First, we started with a budget. This is our third Bend vacation rental renovation, so we had some experience to guide our budgeting. We also have a budget template that made budgeting quick and easy with a few adjustments for this particular property.
Next, we got things lined up ahead of time. We knew our closing date was October 20th, so during our inspection, we took measurements and inventory of each room. Having the measurements meant we knew exactly how much tile and grout to buy, the size of each room as we planned for furnishings, and how many light fixtures we’d need to order, among many other considerations.
I also began ordering our long-lead time items from IKEA and the Home Depot before our closing date, knowing that deliveries could be weeks away. These were things like custom size doors and appliances from The Depot, furnishings and decor from IKEA since they will deliver anywhere in the state with a $199 delivery fee.
We also hired people for the things we’re not good at: drywall repair and electrical. Turned out the drywall repair contractor flaked on us, so we ended up having to do that ourselves anyway. But having a professional electrician was key for getting some wiring re-routed, installing the internet connection, and for putting up all our light fixtures quickly and professionally. It was also our biggest budget surprise, and a good reminder to ALWAYS get a quote before a contractor begins work (even if your contractor is a friend).
So, how much did this whole thing cost?
We budgeted $25,000 for everything - repairs, upgrades, labor, furnishing, decor, and professional cleaning.
Our final cost out of pocket for renovation ?
$27,672 for everything.
Our biggest surprise?
A $4,000 bill from the electrician, when we were expecting it to be $1,500!
Our biggest savings?
Keeping the existing carpet, getting it cleaned and stretched instead of replacing all the flooring. This saved us at least $3,500.
We also kept all of the existing appliances and gave them a thorough cleaning instead of buying new. Savings: $1,585.
What would we do differently next time?
We would get a drywall guy lined up before closing so we’d be on the books right before beginning to paint. We’d also get a bid from our electrician so we didn’t end up with a $2,500 surprise.
What would you have done differently on your rental renovations? Any big surprises you weren’t expecting? Have you ever endeavored to complete a project in one month? Tell us your story in the comments below!