When was the last time you renovated your rental property and upgraded it? Was it a year ago, two years or more than five years? We suggest that if it has been some time since you renovated your property, maybe now is a good time, especially if your rental homes are empty.
A reputable property manager will conduct renovation reviews every few years, but most wait until the homes are falling apart forcing tenants to leave. Remember, a happy tenant is a long-term tenant.
Yes, renovations can be expensive, especially if you planning to carry them out on a large scale. We asked some industry experts about this, and here is the advice they shared with us.
Plan a budget… and trim it down
Like we said, renovations are costly and you must plan beforehand. Estimate the amount you can spend on it; whatever this is, it should not subject you to any sort of financial strains. Once you have a budget in mind, you will be able to determine a renovation scale for yourself.
One more word of advice: stick to your budget, and if you can, remain well below it. Renovations can incur a lot of unexpected costs, and remaining below your budget is a smart move, because even if your estimates were not right, you still will not be spending more than what you wanted initially.
Compare bids
Great, that first contractor you talked to is just perfect, both for the work and the budget. Should you hire them? Not yet. Search the market some more and take quotes from some other contractors as well. Go for a reputable name even if their rates are not the lowest.
Flooring and paint matters the most
There are tons of renovation projects you can carry out to improve your property. However, start with the paint and flooring. Paint and flooring are the two primary features that will attract buyers. They may do with an old fashioned kitchen, but they are definitely not going to opt for peeling paint.
What about the colors? Accents may be trendy but only neutral shades are suitable. Not every buyer will like your choice. As for the flooring, laminate is a great idea because it’s durable, and easy to maintain.
Inspect your wiring and plumbing
Wiring and plumbing often lead to problems, especially if your property has been standing for a number of years. Get them inspected, and if they have had too many repairs, maybe it is time to change them.
