Many landlords often grapple with the question of what makes a smart remodel. Should you remodel or simply update? It is ideal if you can remodel the whole home, of course, but if you do not have that kind of a budget to spend on your rental property, there are still things you can do. Depending on the property, a remodel does not have to be state of the art for a rental home. It simply has to be nice, clean and updated. First impressions are important when tenants are looking at homes to rent. As long as you remodel or update your home so it shows well, your investment will be smart.
Think about first impressions when you choose which projects to undertake. In the kitchen, install granite counters instead of cabinets. If you do that with a new set of fixtures, updated lighting and new hardware, you will not have to worry about redoing the entire kitchen. Make the room aesthetically pleasing to the eye when a prospective tenant walks in.
Get rid of old drapes if they are dirty or worn. If blinds are bent, replace them. Look for small things that are inexpensive to fix. These details might be small, but they make a big difference to a potential renter. When you are showing a property, people will notice the condition of the window coverings and light fixtures. Ensuring that these things are remodeled and updated will help you rent your home.
In the 50 years that Real Estate Connections has been in the residential property management business, we have noticed that the updated, remodeled and very clean properties are the ones that rent more quickly. They also rent for a higher price. When you take the time to remodel smartly, you also have a better chance of getting a well qualified tenant in your home who will do an excellent job of maintaining it.
Finally, when you do decide to do some remodeling work, make sure you use a licensed, insured and bonded contractor to do the work on your property. This is especially important when we are talking about a tenant occupied property, or a home that you are making ready for tenants. You do not want to hire just anyone who will do makeshift work. If you do this, something could go wrong and you will be held legally liable. Make sure you get a professional expert who knows what to do.
If you have any questions about what kind of remodel makes the best sense for you and your property, give us a call at Real Estate Connections, (408) 873-2100. We look forward to talking with you.