Renovations are essential to every real estate investment, but don’t let the costs scare you. We share with you some thoughts on making your property more profitable, such as turning it into an appealing home with renovations.
Why Commit to Renovations
With every dollar that you put into your property, you want to make sure that you get a return on your investment. And we help you do that by walking through the property and determining what aspects would add value.
We focus on what would add value not only to you, the property owner but also through the tenants. Tenant value can be added through improvements to the property and making it more desirable.
By conducting renovations on your property, you make it more profitable by being able to increase the rent as well as the retention rate of your tenants.
If tenants are happy and they love the unit, they are going to want to stay, which means fewer turnover costs. And fewer turnover costs mean more money in your pocket.
How to Do Renovations Effectively
At the end of the day, we don’t want to go crazy with our renovations. We want to have a suitable taste that is desirable across the board.
Of course, trends change from year to year. What we can always guarantee, though, is that:
- Tenants love bright units, so we always make sure that the lighting is good.
- They also love keeping things looking clean, and the big trend right now is white cabinets, so we do that with lighter countertops as well.
- To match it all, we also guarantee stainless steel appliances.
This is our proven strategy after going through the unit and determining what needs to be renovated or repaired. Sometimes, we are able to do a renovation in less than a week. We also save on costs by just repainting cabinets instead of replacing them.
With this, we minimize the actual turnover time and get tenants back into the unit paying rent.
Why Landlords Should Renovate
A lot of times, landlords don’t repair or make renovations or improvements. Slowly but surely, your properties will deteriorate, and they will become less desirable. This is not what you want.
And I’m not saying that you want it at the top of the market, but you want to be competitive and say that your units are nicer. If there are two equal-sized units for the same type of rent, you want to be the one tenants would choose.
You should determine what type of minor changes can make curb appeal improvements. You can also focus on things like the kitchen and the bathroom. These are two areas of your unit that tenants will focus on and base their decisions on.
And again, as we talked about with kitchens, the big things to consider are cabinets, countertops, appliances, and lighting. With bathrooms, it’s the same thing.
Tenants just want something clean and functional. They want to have space to put their goods, to make you feel like things aren’t cramped.
Ensuring a Profitable Property With Renovations
Once in a while, we will go through the layouts with you and change what is necessary. But most of the time, what we will do is update, improve, and determine what the market is demanding and what tenants are looking for.
We will always talk with you about that. We will give you a few different options to work from. Our trusted vendors and I will help ensure that you get the biggest return on investment on any improvement money spent.
As a general contractor myself, I have done hundreds of renovations not only for clients but also for my own properties,
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