You've bought a new investment property, but it needs a bit of work to get it ready for tenants. There are just a few things you need to do before the property can be rented, and we'll have you up and running in no time.
Why renovate before renting it out?
It's important to consider that rental properties are unique in that they are sometimes occupied by long-term tenants, who may not be as easy to get along with as they might seem at first. This means that you need to make sure that the property is up to code, and there's no better way than by doing a few repairs and maintenance yourself.
Renting out a property investment is a great way to expand your portfolio. It allows you to diversify your holdings, and it typically has lower risk than other types of investments. But before you take the plunge, there are some things you need to consider—and fix up—first.
Kitchen
The kitchen is the most important room in the home. This is where families gather, friends come together, and meals are prepared. Kitchen renovations can be expensive, but they don't have to break the bank. Something you can do is make sure there's ample lighting throughout the space. If there's only one light fixture over the sink, make sure it's bright enough to illuminate all corners of the room. Another would be replacing all old appliances with new ones that are energy-efficient and attractive.
Bathroom
The bathroom is another place where you want your tenants to feel comfortable, so make sure you replace any old or broken fixtures before you get them in there. A new toilet seat is a good idea, as well as a new shower head if there's one that's been leaking for a while.
Flooring
If there are any stains on the carpet or tile floors in your rental property, now would be the time to get rid of them! You don't want renters thinking they'll have to deal with this sort of thing when they move in, so make sure everything looks brand new before they move in.
Walls/Doors/Windows
Renovations on your walls, doors, and windows are an important part of renting out your property. You want it to look its best because that's how you'll attract new tenants. Walls and windows should be waterproofed so that moisture doesn't seep into the walls or floors, causing rot and mold growth. When it comes to doors, it's important to ensure they're sturdy which can be done by reinforcing door frames by adding more studs underneath them.
Roofing
If there are leaks or other damage to the roof, it could be costing you money in the form of mold and mildew growth and higher energy bills from having to run the air conditioning more often. It's also an immediate turnoff for potential renters if they see any issues with your roof.
Plumbing and Electrical
The plumbing and electrical work in your property is the foundation of your home, and you want to make sure that it's in good condition before you rent out your home. Some things that you should look out for are the leaking pipes, exposed wires or outlets, and failing appliances.
Paint Job
Exterior house painting is not something that you should do on your own. It requires special tools and expertise to make sure that the paint lasts for a long time. If you are planning on renting out your property in the future, then it is very important that you take care of the exterior and interior painting before doing so. Having a good color scheme will help attract more renters who want to rent out your property.
All of these renovations will help with an investment property's return, both by helping accomplish the same thing as any renovations would and by providing good value to a potential tenant. As a bonus, they'll also maximize your chances of finding someone to rent your place - which is important to remember given that the real estate market in some regions has been historically tight.
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