There are many reasons a landlord might want to take up a rental home improvement project. A new bathroom design or an upgraded kitchen could improve your apartment’s ROI, reduce your maintenance costs and attract higher-paying tenants.
To help you achieve these goals, we’ve taken the time to highlight the Do’s & Don’ts of rental home improvement.
Table of Contents
The Do’s
DO Create a Budget
Having a budget can save you from overspending during a home improvement project. It’s easier to stick with the plan when you have a clear layout of precisely what you want your money to do for you. It should be the first thing you do when you decide to renovate.
You should start by establishing your renovating objectives; what do you want the changes you make to achieve? Then map out a detailed plan of what you want to fix or replace. In addition, you could consult a contractor to get an accurate estimate of the cost of labor and materials. Finally, remember to leave some room in your budget for contingencies.
DO Cut Back on the DIY
Yes, you can save a ton of money through DIY fixes. But you should know your limits significantly when improving your rental property. Tenants will appreciate the better and smoother finishing professionals can guarantee. Hence, unless you have a background in large-scale structural projects, it’s best to leave the remodeling to thelicensed and qualified contractors, especially when it comes to sensitive tasks like plumbing and electrical work.
Save the DIY for your projects, and call in the experts.
DO Meet Your Permit Requirements.
Before embarking on a large scale, inquire if you have to get a permit first. Some areas need owners to check with the appropriate authorities and clarify before making significant changes to their rental property. It’s always better to err on the side of the law and follow the proper regulations.
Besides getting the correct permit, you might have some guidelines regarding waste disposal or how many hours workers can be on the ground. It would be in your best interest to follow these instructions strictly to avoid paying a hefty fine.
The Don’ts
Don’t Cut Back on Materials
Yes, remodeling can be an expensive business, and by all means, you should seek ways to make it more affordable. But one thing you should never compromise on is the quality of your materials. There are two main reasons for that:
Firstly, substandard materials could endanger the lives and property of your tenants. For example, installing inferior sockets could be a fire hazard waiting to happen.
Secondly, low-quality materials deteriorate faster and can ruin the aesthetics of your property when they come apart. It might not be enough to repaint a wall with substandard paint. In that case, you’ll have to scrape it off, apply more plaster to the wall, then use a fresh coat of paint. At least with quality materials, you save money on do-overs and enjoy your money’s worth.
Don’t Personalize the Rental
When remodeling your property, it’s essential to remember what it is–a rental. A space that another individual or family will occupy and hopefully call home. Please don’t make the job of convincing people your property is perfect for them by over-personalizing the apartment. During your remodeling, always have it at the back of your mind that people have different tastes, and if you insert your personal choices too strongly, you could limit your options.
It’s always best to avoid bold colors and stick with more neutral tones that appeal to a broader population. That not only applies to a paint job, but the same also goes for furniture. With the latter, steer clear of eccentric furnishings and accessories that appear dated or tacky.
Don’t Forget About Your Exterior
The exterior of your rental is as highly influential as the interior. Renters want to live in a home with fantastic curb appeal they can proudly call theirs. Plus, exterior upgrades are an excellent way to improve your rental’s ROI and resell value.
So focus your energy on upgrades that significantly improve your home’s value. Mind you; these changes don’t have to be expensive. Many options are cost-effective and value additive. For instance, outdoor lights are an inexpensive way to boost your property’s aesthetics and security. In addition, you could exercise your green thumb by installing a low-maintenance garden. However, if you have a bit more cash to spare, a paint job or replacing your vinyl sidings do a better job of lifting a house’s outlook.
Conclusion
When you embark on a rental home improvement, there are many factors to consider. But if you follow the proper Dos and Don’ts, your project will succeed, especially if you prioritize the top renovations to boost ROI.