There are many ways you can do renovations to your rental property and what they all have in common is to keep it occupied for as long as possible. In order to attract your future residents and have them stay for a long time, it’s necessary you do some improvement work before you rent it out, but this is not the type of work you’d normally do on your own home. The basic principle of rental property renovation is – less is more, meaning you should leave it a blank canvas for tenets to make into their home. Resist the urge to cater to your own taste as it’s quite likely that it won’t suit the taste of others equally well.
Renovations can be tricky because if you penny-pinch and do cheap work, it all may look like a set out of a horror movie. And if you invest a small fortune, you may get the return on your investment about the time you retire. Moreover, if you ignore certain damages, your maintenance and repairs that will inevitably follow will empty your bank account.
To get the best out of your rental property, these are the most likely renovations you should be doing.
Start with the kitchen and bathrooms
The most typical mistake landlords make is focusing their renovations on the living area as it’s usually the central part of a home. In reality, prospective tenants will spend on average 30 seconds inspecting the living room and shift their focus towards the kitchen and the bathrooms.
If these rooms are in a bad shape, no fancy decorated living room and even a large balcony can compensate for it. Make sure there are no leaks, cracks and bad odours. In the kitchen, cabinets are what draws the eye so take care of the missing handles, sagging or stained cabinet doors and as much as kitchen islands are popular, it’s the overall cleanliness that matters more. Take the 70/30 approach – invest 70% of your renovation money into kitchen and bathroom refurbishments and the other 30% can go towards the rest of the property.
Hire professional painters
If you’re working with a tight budget, it’s a priority to save money wherever possible. Surprisingly, it’s the dirty, preparation work that usually costs the most – prepping the walls and floors for the painters and carpenters, so this might be your opportunity to save a few dollars.
It’s always a good idea to repaint the walls if there are parts peeling of or stained, but it’s much better if you leave it to the pros. The coverage will be smoother and consistency better and there won’t be so much mess. However, what you can do it fix holes and prime the wall so there’s a good base for the painters. It will be money well spent and saved but it’ll also be a real struggle if you’re working with high ceilings and no proper equipment. Having to constantly move the shaky ladders around the room trying to reach high area will surely kill any motivation you may have, so relying on a scaffolding rental might be a good option. It’s affordable on a daily basis, sturdy, lightweight and on wheels so your wok will be faster and much easier. And when the painters have less work to do prepping the walls, you’ll have more money left in your bank account.
It’s the little things that count
In order for everything to work smoothly, the little things such as faucets, lights and outlets, need to be in order. Tenants will look for the weak spots to try and lower the rent so ensure all the little repairs are done in advance. Rusted faucets, broken outlets and light fixtures will make a terrible first impression and put people off. A good first impression and high functionality of every room are what matter more than expensive details.
Fix the flooring and replace the old carpeting
The final element in rental property renovation is the flooring. If you notice any traces of mould, rot, tears and staining, it’s imperative you have it taken care of. Such problems are a major turn-off for tenants and although it may require a larger investment on your part, it will seriously affect the rent ability of your property and it will be well worth it in the long run.
The key to a successful rental property renovation is going strategically room by room and following the tips listed here. With the repairs done and major issues covered, you should have the return on your investment within six months of renting.
