Four Renovation Tips for Rental Properties
Rental properties are the smartest way to turn an old property into something that the family can cash in. Instead of leaving the property unusable, renting it out is sustainable and a good contributor of extra income. But not all available properties are ready for the big switch to something that can be rented out and there are in fact a lot of steps to follow before it can come into fruition.
Have a house available for rental? Here are some tips to make it a money-making machine:
- Know your responsibilities as the owner.
Brigitte Yuille of Investopedia recommends knowing all the obligations of being a landlord. Being in the rental business needs permits as any other business, only stricter this time, as people will be living in it. This is especially so for properties wherein many people will be living in it dorm-style for those near schools and offices. You need to take care of any repair and maintenance needs. You also need to spend more on home insurance. In general, you need to make the property an appealing and safe home for tenants.
Having an engineer look into the property is the most ideal and signing off on the floor plans to ensure the whole place is safe. Having a checklist such as electricity wiring, plumbing, and cable connections are very important. These are also the items that the new tenants will be looking at before deciding to live in the place. No matter what, do not begin any renovations without ensuring the safety of the place.
- Do a thorough pest control.
Usually, older buildings are neglected by property owners. To prep the property for rent, another important task in addition to cleaning and renovating is conducting thorough pest control. Check for bugs and other wild animals that may have taken residence inside the crevices of the house. Throw away the old items and refurbish those that passed the pest professionals standards.
- Decide base on the property
When renovating a place for rent, personal taste is not the first parameter to a successful renovation. The property itself should be the basis. With a seasoned developer, try to strategize as to how to best maximize the space. Can it be turned into a townhouse of three doors? Can it be turned into a house with several doors inside, which can be used by many? These items can help in making the most out of the renovation and help get the property owner as much income as he or she can get.
- Go for neutrals
Finally, once the property is properly set up, the landlord can now look into the beautification process. Instead of shocking colours, opting for neutrals is best. It speaks to a lot of people’s tastes and provides the new renters the opportunity to change them as they please with their own artwork and other pieces.
Throwing in the basics also helps get better rental rates such as a good working kitchen and beds in the rooms. Having hot and cold water in the bathrooms also does not hurt. If the property’s that good, the renters just might offer money on the table for the house!
Planning to renovate rental properties in Southeast Brisbane and Redlands? Contact 4sk Constructions and Renovations.