Renovating a rental property is more than an investment; it’s one that pays dividends. Besides boosting the value of the property, it demonstrates the commitment that the landlord has towards the tenant’s quality of living.
Like with all home improvements, some give you more bang for your buck than others. However, renovating a rental property is different from renovating your home. Obviously, with rental properties, there is far much wear and tear. As such, it pays to plan accordingly.
Managing rental property repairs can be challenging. As a landlord, it’s only wise for you to minimize these as much as you can. By following these tips, you’ll be able to do that all while improving your property’s value.
The following are 6 tips on how to renovate your rental property to minimize future repairs.
It’s amazing what a fresh coat of paint can do for your property. It can make your rental property look more appealing and look great in photos and videos on listings.
Make sure that you invest in high-quality paint as will last longer than ordinary paint. High-quality paint provides an appearance that is smoother and more uniform.
Choosing the right color palette is also key. Neutral colors such as cream, grey, and beige are great for all spaces, big and small. These colors create an impression of a larger space.
In addition to this, you can allow your tenants to paint the property with the color of their choice. However, remember that you should also tell them to paint it back to a neutral color when they vacate the premises.
To revamp a property, overhauling entire rooms sometimes isn’t necessary. Usually, replacing minor fixtures and a thorough clean will also go a long way in helping your rental property look its best.
Make sure that you give your property a thorough clean at every tenant turnover. You can go the DIY route, or you can hire professional services.
Replacing fixtures can also help you increase your property’s value and minimize future repairs. The following are good examples of inexpensive fixtures that need replacing. They will make your property more appealing and minimize after-the-fact maintenance.
The flooring in a rental property needs to be able to withstand a lot of wear and tear. Since you don’t want to replace the floors every year, you need a durable yet cost-effective material.
When buying flooring for your rental property, consider these three things:
Different areas of the rental property may have different flooring needs.
The goal is to make money. Obviously, if it’s your home, you may want a unique lime green backsplash or the most exotic marble. But with an investment property, appealing to the masses is key. Neutral materials are your best bet.
Rentals undergo more wear and tear. Thus, your goal should be to choose materials that are durable.
Generally speaking, there are seven flooring options for you to choose from. This includes linoleum, cork, vinyl, laminate, hardwood, tile, and carpet.
The bathroom is an important space. It’s probably where most people go to in the morning and the last place they visit before getting to bed every night. As such, it looks its best is vital.
Making simple renovations to your property’s bathroom fixtures can mean a lot, both in improving functionality and aesthetics of your bathroom.
Replacing a showerhead or faucet is fast, easy, and many times is a DIY project. New fixtures can automatically make your bathroom look new and modern again.
A kitchen is the heart of a home. Renovating it will add easiness to your tenant’s lifestyle and value to your property. However, make sure that you understand the limits you have whether they be space-restrictive or financial.
In trying to minimize future repairs, keep in mind that you also need to factor in the aspect of durability.
As you choose among materials and fixtures, it would be a good idea to visit specialty design showrooms for cabinets, flooring, lighting, appliances, and so on. Talk to the professionals who work there about the ideas and goals that you have.
It’s every landlord’s goal to make their property stand out from the crowd. One way that you can do this is by providing plenty of storage. You can accomplish this by installing shelves in your living room or by adding hooks to hallways and bathrooms.
In addition to the aforementioned tips, here are more tips that you can take advantage of for you to minimize future repairs.
Staying ahead is key to success. Proactively planning and managing your rental property’s maintenance and renovation will get you closer to your goals. We hope the tips shared above help you get one step closer to success!
