Renovations are part of an investors’ life. There will be a time where you need to fix a certain part of the property in order to increase its value or to just make it pleasing to the eyes. You can get more tenants and clients if your property looks ready and pretty.
But renovations can be a pain for investors who want to rent the property. How will you walk the fine line between making your property look great and saving time? What should you do to make your property look awesome and beat that deadline?
To help you get started with your project, we collected the Dos and Don’ts in renovating your property for rent – while still staying on your timeline.
1. DO: Focus on the kitchen and the bathrooms
Functionality. Both the kitchen and the bathroom need functionality. It’s important the toilet bowl and faucets are works out real fine, the kitchen sink is not moldy, and the tiles are clean. According to studies, you can enjoy an 80% ROI if your kitchen is nicely updated.
2. DON’T: Forget landscaping
The first thing that the renter will see is the exterior of the house. If it looks like a trash, then the renter won’t even give it a tour. You have to make sure that the exterior landscaping is being taken care of. Mow the grass, cut off some bushes, paint those white fences. People will surely come over when they see how nice your place looks.
3. DO: Check for plumbing and electrical issues
If you already have a two-decade old property, then maybe it’s time to its assess the plumbing and the electrical issues. You don’t want your renter to call you over and over again just because the toilet and sink won’t work or there are some dangerous wires lying around. Call the local electrician or plumber. They’ll surely can finish the work right away.
4. DON’T: Just replace
Why buy and replace when you can just fix the problem? Landlords are often in a rush that they don’t even take a pause and assess if the problem just needs a bit of a fixer upper. Assess carefully if you really need a new carpet or the ceiling really needs some repaint. This method can definitely help you cut down costs.
5. DO: Clean
Cleaning is everything. Just a minor mop on the floor can do wonders in the property. You don’t need to have a major house makeover. Just get your broom, swipe those dusts, get rid of those molds, and shine the vases. Your property will definitely look like gem. And the best part is: you didn’t even shell out a dime.
6. DON’T: Use linoleum
Linoleum doesn’t look good. At all. If there’s one thing that you should re-do in your property, it’s definitely going to be tiles. White tiles look clean and professional and easier to maintain. It can also add value to your precious property.
7. DO: Remodel areas that can guarantee you ROI
Aside from the kitchen, there are other parts of the house that can guarantee you a great ROI. One of which is the paint. According to studies, giving your walls a fresh coat of paint can guarantee you 100% ROI. Updating lighting fixtures and hardware can definitely help you get those much needed cash.
8. DON’T: Forget the tenants lease agreement
Make sure that you thoroughly read your lease agreement. Some lease include that the tenant may change decorations or fixtures in the property. Talk to the tenant about it. Those fixtures that the tenant will do can help you save up, but it can also in the end, affect the value of the property.
Another tip: treat the property as your house, not your home. A certain design may fit your taste but your future tenants may find it atrocious. It’s better to keep it neutral and safe, you’re not the one who’s going to live there after all.
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