An In-Depth Guide For Renovating A Rental Property | 10 DO’s & DON’Ts

March 30, 2023
221 Views

Home renovations can be pretty fun, especially if you have creative freedom over the decisions. However, when renovating a rental property, it is important to remember that you’re renewing the place for tenants, not yourself. This can restrict some plans you might have, but in the long run, it makes everything worthwhile.

A well-maintained rental property can lead to increased market value, higher quality tenants, and, ultimately, a good rental income. But before you dip your toes into the world of home renovations, read this blog for extensive insight on the matter.

The DOs Of Rental Property Renovation

There are several factors that can boost your renovation project and make your rental property stand out. Wondering how? Take a look below!

1. DO Your Research

The first and most important thing you must do is conduct market research. Create a plan and select your target audience. Are you looking for newly-wed tenants or someone who has a well-established family? Make sure you note everything about your clientele.

2. DO Basic Repairs & Upgrades

Most landlords forego kitchen and bathroom upgrades, but those are the most important rooms of the entire house. Interested parties always check kitchen taps and water pressure. To ensure you get serious buyers, put in the effort to repair broken pipes and upgrade the basic layout.

3. DO Keep Functionality In Mind

In an effort to seem appealing, don’t forget about functionality. As vital as looks are, performance is key. You want to create a space that’s not only aesthetically pleasing but also extremely practical for your tenants. This means thinking about things like storage, lighting, layout, etc.

4. DO Keep Up With Trends

When renovating a rental property, it’s important to keep up with trends. Your property should appear inviting and welcoming. People want to live in a modern, picture-perfect house. It’s up to you to make their unspoken dreams a reality.

5. DO Invest Time On Curb Appeal

If the rental property has a front yard or porch, don’t forget to invest time and money in curb appeal. From changing out the front door to building a cozy patio, the options are endless. You can also plant flowers to enhance the overall feel.

Things Not To Do When Renovating

Now that you’re all caught up with the Do’s of rental property renovations, it’s time to learn about the Don’ts.

6. DON’T Do It Yourself

No matter how tempting it may seem, DIYing a rental property is not the best idea. If you make a mistake, not only would that endanger the property, but it can also significantly decrease its market value. Always hire professional contractors to get the job done.

7. DON’T Forget About The Basics

From electrical switches to clean running water, make sure your tenants do not have to turn somewhere else for what they need. Providing basic living essentials can really help your property stand out in terms of feasibility.

8. DON’T Skimp On Quality

Sure, it’s nice to get the job done for a lower price, but compromising quality can damage your property’s market value. Avoid making such extreme decisions.

9. DON’T Crowd The Space

Tenants prefer open spaces so that they can decorate accordingly. If you cram the space with unnecessary props, it could negatively impact your rental property.

10. DON’T Neglect The Lease

Any change you make to the rental property should be in line with the terms of your lease agreement. Avoid making changes that violate the lease or upset your tenants. Keep your promise and value the agreement you share.

Get An Expert To Collaborate On The Project!

To sum it up, renovating a rental property can be a great way to increase its value and fetch high-quality tenants. Just keep your target audience in mind, focus on functionality, and stick to a budget. With these dos and don’ts to go by, you’ll be well on your way to creating a rental property that’s both aesthetic and profitable.

For more professional insight, contact Boutros Construction at (713) 587-0000. You can also visit us at 8831 Long Point Rd #102 | Houston, TX 77055.

Archives

Skip to content