Renovating the property has many advantages. A property having a new look or one that offers better features is always attractive for potential tenants, and there is bound to be lesser vacancy rates as a direct correlation. Renovations could be a sure way to improve the reputation of the property and attract more tenants; however deciding upon what renovations to undertake is often a daunting task. And it normally involves some type of executive understanding, maintenance schedule, or management protocol.
Minor Improvements and Major Repairs
One of the best ways for property management to find out the right renovations is to consider the rental property to be a home rather than just a unit. It also does not have to be a major project, since well thought of scaled down remodeling and renovation projects can provide outstanding and tangible returns. Hence, even minor improvements can make an exceptional difference.
Nevertheless, certain major projects are unavoidable when it comes to structural integrity roofing of the building. A leak in the roof could result in a major loss, when units become inhabitable and tenants start moving out. A top priority should be given to preserving the integrity of the dwelling, while everything else can be evaluated as per its cost and potential ROI.
Cleaning vs. Replacement
The condition of the flooring and carpets has a major influence on the looks of the unit. If the carpets are in fantastic condition then it is not necessary to replace them; however, it is integral to have them shampooed and cleaned. If you are planning to replace carpets, then consider remodeling the apartment with tile of wooden flooring.
The project will be relatively expensive but compared to the average life of a 10 year old carpet, the tiled or wooden flooring could last a lifetime. Secondly, if the unit already has tiles, then minor flaws such imperfections, scratches, and chips can be fixed with spot replacements.
A fresh coat of paint to the walls makes the unit appear new, and a painting job is required before a new tenant moves in, especially when the previous tenant was occupying the unit for a long time or had been a smoker. Painting can be an inexpensive renovation compared to trying to hiding the smell and the decayed look that cigarette smoke over time can bring to a home. The paint job could be limited to certain walls that show wear, decay, or will probably not inspire potential residents.
Bathroom and Kitchen Renovations
Renovations to bathrooms and kitchens need investment as well and this should impress any potential renter that the property management shows this work too. If you are on a smaller budget, then consider the option of resurfacing instead of implementing total replacements. Resurfacing cabinetry, showers, and bathtubs can also work compared to a complete overhaul.
Usually baths with acrylic coating have a lifespan of about 15 years. Hence, you could use this as a guideline to estimate whether the bathroom and kitchen will need to be gutted and completely redone or if a resurfacing job will suffice.