Just like it is the case with any other occupation that’s supposed to be profitable, rental business requires investment in order to continually provide income. These investments vary from small to substantial ones, but it’s important to understand that no matter the amount, the aim of the investment is to make the property better and more attractive. Property renovation leans on the heftier investment side; still, if done properly, it will enable an increased rental return. Let us discuss the right steps in order to make this happen.
Budget and Plan
As it was already said, property renovation is a continual process. Yes, preparing the property before the tenants arrive is the crucial part. However, when you budget the renovation costs, always add an extra amount in case something needs fixing after the renovation is completed and the tenants move in. Naturally, plan all the renovation steps carefully and always pick the best offer, but make sure that all the work is done professionally and with a guarantee.
It Will Take Time
The renovator of your choice will give you an estimate when all the works will be completed. And all the really professional ones will meet the deadline. However, finding the right professional is a time consuming activity, especially if this is the first time you’re in need of one. On the other hand, this time investment is of crucial importance, since it strongly impacts the financial one that comes after. Never opt for the first offer you get. Always go for as many bids as you can get and then narrow down the choice based on the price, deadlines, experience and guarantees. This is the only way to be certain you chose the best one.
Start with the Basics
Flooring and walls are the foundation of any rental property. If they’re not in perfect shape, anything else you do will be less noticeable and have less impact on the entire place. When walls are concerned, fresh paint is the best solution. When it comes to the choice of color palette, going neutral is the safest way. It appeals the best to the majority of people and makes incorporating all other design elements easier. When flooring is concerned, tiles will work best in kitchens and bathrooms due to their water resistance while wood laminate would be best for all other rooms because it is durable and easy to clean. Unlike carpets, which should be avoided.
Check the Plumbing and Electric Wiring
It would be very unfortunate if you completed the renovation and only then found out that there’s a leak in your plumbing that requires a pipe change, which means renovating again once the change is done. Therefore, before doing any major wall or flooring work, particularly in the bathrooms do a major plumbing inspection, fix everything and, if the appearance of this space is rather outdated, do not hesitate to opt for professional bathroom renovations. Next, do the same in the kitchen and finish with the outside plumbing, if any. Repeat the same process with the electric wiring in the focus. Once you’ve made sure everything is in perfect order, continue the renovation process.
The main precondition for a property renovation to increase rental return is to look at it as an investment, not cost. What this really means is that it requires careful preparation that will make sure nothing is missed and a careful choice of the renovating company that will guarantee that all the works will be completed in a timely manner and professionally. Finally, don’t expect it to be completed overnight, proper and lasting renovation takes time.