Eight Simple Tips To Renovate The Property You Want To Rent Out
Choosing to renovate a house that you rent out is a difficult decision because the wear of furniture and finishing materials happens much faster. At the same time, people do not want to move into unattractive housing that brings back memories of the last century. With a cheap renovation, the owner risks and invests less but also gets less return. With the expensive renovation, the opposite is true. However, some points can be compromised.
What you need to deal with before renting out
Before renting, you need to understand with whom you want to rent to, the desired income, and the time to profit.
First, look at the ads on the sites to estimate how much you can charge for your home now. Perhaps the amount will suit you, and you decide not to make repairs at all.
When you have decided on the lease cost, think about how many months you are willing to allocate for the payback of the renovation. After that, calculate the amount that will go to renovation work. For example, if you are ready to wait eight months and rent a house for $1,000, try to keep it within $10,000. The repair itself will take 1-2 months, during which the living space will be idle.
Before planning, decide how you want to rent the home: daily or monthly. In the first case, you can earn more, but the premises will often be idle. In the issue of daily rent, seasonality is often observed: for example, in the summer, it is possible to rent out accommodation to tourists, in the fall – to vacationers, in winter they often move in for the holidays, and in the spring few people are willing. With a monthly rent, the payment is lower, but it is constant. In any case, for safety, contact a property management company to help you manage your property and lease arrangements.
The exterior of the house
A good home renovation for renting involves the use of wear-resistant materials that can be easily replaced later. Start by cladding the façade with siding for overall attractiveness. Siding can be installed at any time of the year. It is frost-resistant and resistant to high humidity and temperature extremes. The siding kit includes cladding panels and additional elements for ease of installation and giving a complete look to the edging of window and door openings, corners of the house, and cornices. Facing the house with siding allows you to insulate it from the outside.
If you see any damage to the roof, consider working with a roofing company to make sure it is repaired; a possible leak may cause water damage to your and your tenant’s property which may cost you far more than the roof repair itself.
Finishing materials
The budget option for the floor is linoleum, but it is better to use laminate because it’s easier to repair. For the bathroom, hallway, and kitchen, choose quartz, vinyl, or ceramic tiles. For walls, wallpaper for painting is more suitable. They are easy to clean or replace. If residents have children or pets, the wallpaper will often need to be repainted. In this case, you cannot chase cheapness. Plain paint is a bad option. It lies unevenly on the walls and tends to change color over time. Poor quality paint can crack. Vandal-resistant wallpapers will cost more but will save you money as a result.
Layout and zoning
In a small home, opt for a studio layout. In this case, space will appear more expansive. You can combine a living room and a kitchen for daily rentals: the latter is rarely used by residents but occupies a separate room. It is advisable to supply compact kitchen appliances. It will accommodate more sleeping places. If space is tight and you don’t know where to place your beds, you need to think ahead about ensuring privacy. Partitions will visually reduce the area. It is better to prefer roller blinds, screens, curtains made of dense fabric that do not transmit light, etc.
Furniture and accessories
Furniture should be inexpensive but functional and practical. Modules for the kitchen should be taken standard which makes it easier to replace the facades. Gloss is preferable as matte surfaces quickly lose their attractive appearance. Even for constant use, appliances and accessories in the kitchen should be as simple as possible. Leave plenty of free space for self-expression. Sofas are preferable with removable covers because they get dirty and wear less. Avoid glass surfaces: they will break quickly. The shelves must be open which will save on facades. The niche in the hallway can be closed with a simple fabric curtain. A shower cabin is more profitable than a bath: it takes up less space. All rental furniture should be durable but inexpensive to make it easier to replace.
Lighting in the house
The house should be as lit as possible. This will make the room more comfortable and attract the attention of customers. For cosmetic repairs, it is worth choosing options that do not need electrical leads. For example, wall sconces powered by an outlet, LED strips, bus systems, and battery-powered LEDs look good. White or beige curtains will help to brighten the rooms visually. Do not choose thick black curtains: they will weigh down the interior. Light-blocking curtains and blinds are only suitable for daily rent since tenants can get enough sleep during the day.
Add originality
To keep the interior looking fresh and unpredictable, do not purchase headsets. Feel free to mix and match items from different styles, brands, countries, and eras. Doors are best set as large as possible as they will ennoble the room. It is necessary to pay attention to the fittings. It is advisable not to take the one that comes with the kit. Avoid recognizable pictures. When you see them, it immediately becomes clear that this is a copy.
Additional advice
Many landlords try to find hassle-free tenants. They exclude families with children and pets, as well as smokers from the list of potential residents. You can take advantage of this if you count on such a customer base and foresee this in advance during the renovation.
If you don’t mind renting to pet owners, upholstery and flooring should be claw prone. I prefer a dense material that will be difficult to damage. It is best to use roller curtains because they do not attract cats or collect fur. For smokers, a good hood should be provided. By choosing special paints and primers, you prevent odors from absorbing into the walls.
Conclusion
Most landlords prescribe in the contract that the client is obliged to leave the premises clean. Most often, the tenant is left with the choice of cleaning methods. He can take out the garbage on his own or use the services of a cleaning company at his own expense. However, before the next tenant, you will have to do the cleaning yourself. In the future, if defects are found after a tenant moves out, the owner will eliminate the defects on his own.
There will be few people interested in a dirty house, especially if the rent is high. Cleaning and renovating the home before you rent it will help attract renters who will become reliable tenants.
