When renovating a rental property, we all have one goal in mind. To maximize our profits while cutting costs. If you’re just getting started with a new rental property and are not quite sure where to start, we’ve got some great tips and advice for you. Some rental home purchases are turn-key and ready to go, but most of the time, owners are buying fixer uppers at a steal and choosing to renovate them before they rent them out. When deciding whether you should make the renovations yourself, or if you should hire a contractor to perform the renovations for you, the answer is simple. Hiring a contractor is the smart choice if you want the most bang for your buck. We know the ins and outs of the business and know what’s important and what’s not. In the long run, a professional can save you money and help you get a return on your investment by helping you to invest in money wise decisions.
Hire a Remodeling Contractor
You will want to start by choosing a reputable contractor to help you with the renovations that will need to be done. Research the company you will be hiring and get references. If you can build a lasting relationship with reliable contractors it will save you money and time in the long run, while giving you peace of mind on future projects as well. Collaborate with the contractors you’ve chosen to work with, go over your budget and work together to remodel your fixer upper into a practical, yet desirable rental.
Best Flooring for Rental Property
This is one of the most important decisions you can make when renovating a rental to be move-in ready. Floors can take a real beating, especially in a rental. You want to make sure you choose a durable flooring that won’t have to be replaced after each renter vacates the property. You also don’t want to choose an expensive flooring such as hardwood, because they renters are not likely to care for the flooring as they should. Tile, laminate or even vinyl flooring are great choices for rentals because they are affordable and will have a long life. They also look great and appeal to renters as aesthetically pleasing and simple to care for. Carpet may seem like a tempting option, but carpet takes a real beating with renters and will have to be replaced often, which in the end will cost you more money than it’s worth.
Rental Property Kitchen & Bathroom Renovations
In any home, the kitchens and bathrooms are biggest selling point and can make or break a contract. No one, not even renters want to bathe in a dingy bathroom or cook in an outdated kitchen. Putting a little effort into these two spaces will not only be appealing to your potential renters but can also save you time and money on repairs later. Backsplashes in the kitchen are a wise decision that will save on the cost of paint later, and they are easier to clean than a painted wall. Adding in a fresh coat of light-colored paint, updating cabinets and updating blinds will really open up the space and give it a warm and inviting feeling. In the bathroom, upgrading the bath/shower, vanity, countertops to give the bathroom a more modern feel. Finish off with a fresh coat of paint you’re ready to go.
Add Some Curb Appeal to Rental Property
First impressions set the tone for how much a person is willing to spend on a rental. If the yard looks desolate and the outside of the home looks dingy, it will turn a renter off immediately. Give the outside of the home a fresh coat of paint and add in some easy to care for evergreen plants/bushes.
Whole Home Remodeling & More in Beverly Hills, Bradbury, Brentwood, Malibu, Manhattan Beach, Pacific Palisades, San Marino, Santa Monica, Pasadena, Ventura, Woodland Hills, CA | Los Angeles County & Southern California
We here at Prestige Construction & Design have experience in every type of home remodel. Whether it’s a rental property, or your own home, we can help make your dreams come true for years to come. We build lasting relationships with our clients and want to serve you for the years to come. If you have further questions, give us a call to set up a consultation. You’ll be glad you did.