Renovation is one way of beautifying your rental property without spending a lot of money and effort on it. It is where you will have to restore your property’s previous state by changing what was damaged and worn out. Rental properties are prone to damages, especially right after the tenants leave the unit. As the property owner, it is your responsibility to fix all that was broken before offering it to the next renter.
Although renovation is just more of a restoration process, you will still need to consider various factors to achieve the best outcome. Below are the tips that can help you ensure that you will get the outcome you want.
Do Your Homework
Like in any other tips and guides you can find online, the number one thing it will keep telling you is doing your homework by doing research. Researching your renovation project will give you many ideas that can be very important throughout the process.
Additionally, you must also do research about home warranties for rental properties to know how you can benefit from it. You can check the Reviewhomewarranties.com’s rental guide and check if your rental property renovation is covered by the warranty or not.
Choosing The Best Contractor
This is why researching is important before you even start planning for the renovation. Choosing the best contractor is critical if you want a quality outcome. You can do it on your own and hire a few helping hands to assist you but having the professionals do it will save you time, and you can also be sure that the outcome is good.
There are so many contractors who will be glad to help you out on your project, but the question is, are they the right one for you? Create a list of the local contractors in your area and do a background check for each of them. Ask for references and check the reference for confirmation. Additionally, it would be best if you only negotiated with legally operating contractors, and documentation can help you figure that out.
Even though you already established that the contractor you hire is the best in your area, it is still recommended to check up on the project’s progress now and then. It is still best to check on the contractor and subcontractors‘ work to ensure that everything turns out just the way you want it to.
Check if there are any flaws and if it is serving its purpose. It is best to see what was wrong earlier in the process so that you and the contractor can still have a lot of time discussing the issue and addressing it properly. Never rely solely on your contractor and complain later when the project is finished.
Fix Before You Replace
It would be best if you first tried to fix something before considering replacing it. You save so much money if you opt to repair something that can be repaired rather than replacing it. You have to remember that you are running a business here and not renovating your own house.
Make this clear with your contractor during your meeting and ask them to consult with your first before replacing something on your rental property. As long as it is still functional, it is good to go. Fix it and coat it with fresh paint. You would not even know it is not brand new.
Focus On The Kitchen And Bathroom
The kitchen and the bathroom are the most worn-out space in a rental property. Additionally, it is usually the first thing most tenants examine during their house hunting. A nice bathroom and kitchen are factors that attract renters to rent on a rental property.
When renovating your kitchen and bathroom, always think from the tenant’s perspective and add something that you think tenants would love to have. It can be back-splashing your kitchen or adjusting lightings to provide a more cozy vibe.
Get It Done Fast
Another thing you must talk to your contractor about is the project’s timeline. You do not have the time to waste when renovating a profitable property. The sooner the renovation is done, the sooner you start earning, which is why you must set a deadline where the whole project gets done sooner.
Schedule the renovation as soon as the unit gets vacant. This is why having an on-call contractor would be a good idea, especially if you have a lot of rental property.
Renovating a rental property is not that easy, even though the unit only had a small space. Everything needs to be perfect and functioning so that the tenants will be happy and will stay on your rental property for the longest time possible. This means a long and continuous income for you and your business.