Renovating a Rental Property
If you’re thinking of purchasing a rental property, you may already be considering the possible costs of making the property suitable for tenants once you own it.
Like with all home improvements, some give you more bang for your buck than others.
However, renovating a rental property is a much different science than renovating your primary residence. You have to assume there will be wear and tear that is greater than the normal wear and tear you have in your own home.
So, which home improvements make the most sense when updating your investment property?
Check Out Our List Below of Economical Improvements That Are Well Worth The Cost to Renovating a Rental Property:
1) Fresh paint. Freshly painted walls are an affordable, easy way to make a property feel as good as new. No tenant wants to move into an apartment with dingy paint, or the prior tenant’s spaghetti sauce on the wall. This is a great and cheap way to renovating a rental property. Paint averages about $30 a gallon, so you can’t really go wrong. Make sure you use an eggshell or semi-gloss, so that the tenant can wipe walls clean with a damp rag.
2) Replace rugs with a tough laminate. Laminate floors look and feel like hardwood these days. And, they wipe clean with a mop, much easier than trying to get stains out of carpets. Quality laminates can be found at your local home improvement warehouse for as little as 99 cents a square foot.
3) Swap out old bathroom fixtures. Replacing a faucet or a shower head is fast, easy, and many times you can do it yourself. It automatically makes an old bathroom look new and modern again. While you’re at it, replace the towel bars, door hooks, and toilet paper holder for more instant updating at minimal cost.
4) Make the kitchen sparkle. The kitchen is one of the most-used rooms in any home. So for most tenants, it is a key space. Replace worn countertops and appliances. Replace an old faucet with a new one with the hose built into the spout for convenience. Replace old door hardware with something new and contemporary.
If you’re already searching for your perfect rental property, give Chad Baker a call at 858-353-8331 to discuss financing alternatives.
He has a full range of renovation loan programs available for you!