Friday, June 29, 2018

Rental Property Renovation

~ This is a featured post. ~

Renovating a home with the idea of renting it out to earn an income is different to how you would renovate a home you would be living in yourself. Yes, you still want to make it nice for your tenants, but you don’t have to spend a small fortune on those luxury items you might like in your own home. If you are looking for ideas to do with renovating a home for the rental market, this guide shows you what’s important to include, and what you can save money on.

Finding a Property
Finding a property to rent out can sometimes be a challenge as you have to go through the steps of the buying process, and that can take time. There are companies out there such as Roofstock, that take the hassle out of buying rental properties. Once you have found the perfect rental property to buy, or already own one, then you can begin thinking about renovation.

Appeal to Tenants
Properties for the rental market should not be decorated to suit your personal taste. Whoever will be living there will want to put their own mark on it, so keep décor neutral. Neutral décor will help keep a space feeling bright, making it more appealing to people looking at properties to rent. However, that doesn’t mean you have to go for magnolia! A focus wall in a bold colour can add character to a property.

Another way to appeal to tenants is to spend most of your budget in the kitchen and bathroom. These are spaces where, if you can add a little wow factor, it will make tenants keener to live there. 

Some tenants are not always careful to properties like they would be if it were their own, so for fixtures and fittings, go for durability. Use tiling in bathrooms and utility rooms rather than paint, as it is easier for tenants to keep clean and means less redecorating for you between tenants. Good quality flooring will withstand wear and tear more than cheaper options, saving you money on the cost of replacing it. Also, quality faucets in kitchens and bathrooms will last a lifetime, compared with cheap alternatives. Doing your research can provide options for low cost renovations.

Keep Outside Space Neat
A low maintenance garden is something that will always look good, even if your tenant doesn’t spend much time caring for it. Putting a mulch in garden borders will keep the weeds from growing there, and having somewhere tidy to keep trash cans will add to the look of the property.

If you are thinking about renovating a house to rent out, remember to treat it like a house rather than a home. Remember, tenants are temporary and often treat a house as such. By going for quality over cheap fixes it saves you money in the long run, and a neutral colour tones will help tenants see themselves living in your accommodation.  By doing this, when tenants leave, you won’t have too much to do to get the house ready for the next tenants.
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