Owning rental property is a great way to bring in some extra income. When one of your tenants is moving out, there are a few things that you should do to get the property ready for new tenants. If the property is not properly prepared, it can be difficult to find new, quality tenants. If you are planning a property refurbishment, there are a few things that you should know to save yourself time and hassle.
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Cleaning the Unit
Most good tenants will have cleaned the unit once they have gone. In most cases, they won’t have cleaned it to the standards that it needs to attract potential tenants. You may not have the time that it takes to do a thorough cleaning in the unit before you start showing it. If this is the case, you should consider hiring an end of lease cleaning service. These companies will come in an prepare the unit for the new tenants.
Do It Yourself
If there are projects that need to be handled in the unit before you can rent it out, you should do some of them yourself if possible. For example, you can repaint the walls without needing to hire a professional. It will take up some of your free time, however, it can save you a great deal of money. The same is true if you need to replace hardware in the unit, wash the carpets, or make minor repairs.
Shop Around for Materials
If you are planning to make the updates in the unit yourself, you should shop around for materials. Many people will go to the big chain hardware stores for their building materials. These stores won’t always have the best price. If you are making renovations on a budget, you should take the extra time to shop around for the best deal.
Do Your Own Demo
If you are planning to completely renovate the kitchen from the bottom up, the old kitchen would need to be demolished. If you are planning to hire a contractor to handle the renovations, you can save time and money by doing the demolition by yourself. If you have a sledgehammer and a bit of strength behind your swing, you can easily handle the job. When the contractor comes, they can start the renovations right away.
Find Design Ideas Online
If you don’t want to pay an interior designer to come up with style concepts, you can save your money by getting ideas online. There are a variety of websites where you can get ideas on the most recent trends in interior design. If you can find a few ideas, you should be able to come up with great ideas on your own.
Plan Accordingly
If the unit is very dated, you should consider making the necessary renovations to make it look more modern. In the long run, the investment will be worth it. You will be able to attract more quality tenants if the unit has been modernized. If you are planning this type of job, you need to make sure that you plan accordingly. First, create a budget and make sure that you stick to it. Next, set a realistic time frame. You don’t want to have standing appointments to show the unit only to have it still be under construction.
Owning rental property can be very lucrative, but it can be a great deal of work. If you know what you are doing, you should be able to prepare the unit for the new tenants with very little hassle and frustration.
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Great renovation tips to impress new tenants. Thanks for sharing!
Very good post and very well written as well. I loved the information as it is going to be very useful for many homeowners. Careful planning and the right choices are the best way to ensure that your home improvements actually add value to your property. When renovating the bones of a house, opt for timeless classics and excellent quality. Windows, wall and flooring systems, roofing and foundations should all take precedence over more cosmetic changes. It’s an investment in these building blocks that will ensure your home retains its value. If you are planning a renovation, speak with your designer sooner rather than later. This will give you a more accurate understanding of the timelines involved and will help you to plan better so that there is less disruption to your life. Good sharing.
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