Is Now a Good Time to Renovate Your Rental Property?
Owning residential rental property can require you to spend time managing tenants and maintaining your investments – and in some cases, it may involve implementing various updates in order to attract (and keep) good renters.
How Much Should You Invest?
But how much should you realistically put into an investment property for increasing its value and appeal, while at the same time not going overboard?
The first step in the rental property renovation process is to be mindful of the fact that it can differ significantly from updating your personal residence. For example, while you certainly want to get and keep renters, it isn’t necessary to provide top-of-the-line appliances and systems because tenants will not typically treat these items the same way you would in your home.
Two areas that can truly make a property stand out for potential tenants are the kitchen and the bath(s). Here you could invest in new countertops and vanities. Adding more storage space with shelves can also offer convenience to the occupants of the home.
There are some other ways you can update your investment property(ies), too, that can make a big difference, but without breaking your budget. These could include sanding and painting the kitchen and bathroom cabinets (as well as adding new hardware), and/or replacing the sinks and faucets. New light fixtures can also make a big difference in the overall look and feel of a room.
If you plan to hold on to the property for the long term, you may want to consider updating the floors. Over the past few years, hardwood has become extremely popular because it is easier to clean and sanitize, especially compared to carpet.
Get Advice From An Expert
Before you begin any type of renovation with your rental property, it can help to get the advice of an expert. At LP Design and Renovation, we specialize in updating and renovating homes in the Orlando and surrounding Central Florida area. So, if you would like to chat with a home renovation expert, feel free to contact us at (407) 901-6215, or by going to https://lpinspiredrenovations.com/contact/.