Renovating Your Rental Property
Renovating Your Rental Property ~ Southern Residential Leasing
Homeowners, when it comes to renovating your rental property, it’s important to have a plan in place before making any kind of changes. Whether you’re repainting a bedroom or knocking down a wall, understanding the full scale of a renovation is key. Read on below for a few things to consider when renovating your rental property.
Know What Your Home Needs
If you’ve been renting your home for a while, then you most likely understand the market and average rent. The chances of your property needing quartz countertops and stainless steel appliances are slim. Your renters will be happy with quality appliances that are functional. Think of it as “less is more.” Also, consider the financial investment you make when renovating your property. If you don’t think you will see a return after installing those appliances, then it isn’t worth it. Ask yourself if your renovation wish list is a want or a need, then move from there.
Create Your Renovation Timeline
Renovations take time! No one guts and remodels their kitchen in a mere week. Time is money, and if you are doing any kind of renovation, your property will, unfortunately, have to be blocked out for rentals. You may not be able to afford a lengthy renovation, so be sure to create a realistic timeline. Account for delays, too!
Find the Right Contractors
Anyone who has ever had any kind of work done on their house knows the importance of a good contractor. They’re hard to come by, but a good contractor will not only do a thorough and on-time job, but they’ll come in on budget, if not under. Find the right contractor for your job by reaching out to friends, family members, and other in-area real estate professionals. Interview your contractors before sealing the deal. Don’t forget to ask for bids as well, since you’ll want to make sure no one is quoting you an unreasonably high amount! To do this, break down the cost of materials, labor, profit margins, and other expenses.
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