Rental property renovations open the doors for financial rewards through potential rental or selling price increases. However, deciding which renovations to undertake that will ultimately reap the most benefits can be complex. Interestingly, there’s a lot of advice offered by real estate professionals about which renovations are most worthwhile for investors, and these experts know what improvements renters really want.
The key to increasing your rental rates or market value may lie within one simple concept – establishing a timeless look with your rental property renovations. When you think of classical designs, thoughts of Roman architecture may come to mind, or perhaps you’re remembering a common oldie: that checkerboard patterned black and white tile floor. Classical yes, timeless – not by a long shot.
Wise investors realize when it’s time to renovate or remodel their rental properties, but deciding what projects to do and how far to take the transformation requires thoughtful consideration. Beyond the immediate or long-term potential return on investment (ROI), other solid reasons to renovate rental units include:
As winter approaches, you may need to turn your attention to seasonal property maintenance. Even your occupied rental properties may need additional care throughout the winter season, and not all of your property owners may be aware of the proper procedures for winterization. You may wish to debrief any applicable renters and property owners about the maintenance that is required and the costs associated.