If you own rental property, chances are that at some point, you will have to renovate the property. This could come about in a number of ways, including having your current tenants lodging complaints, or personally noting some problem that may need fixing. Whatever the case, renovating rental property is a process that should be approached carefully, and usually with the help of a qualified contractor. Otherwise, you may spend a lot of money and end up with changes that your tenants will not like. Some tips to live by when renovating the property include:
Stick To Current Standards
When making renovations, it would be an excellent idea to find out what the current standards are in the type of renovation you want to make. For instance, in kitchen renovation, features that many may be fans of include functional islands, the presence of enough light and ergonomic design. Rather than simply fixing things that have been broken, you could opt to make major renovation plans to convert it into a modern kitchen that has these features. If the house is not occupied, such changes are likely to attract potential tenants, and they may even be amenable to paying slightly more for the home.
Listen To Your Tenants
If you want to renovate on account of a tenant’s complaints, the first thing to do would be to listen to the tenant. Make sure that you get all the details regarding their complaints, so that you can then pass this information on to the contractor. If a renovation contractor does not get all the relevant information regarding a problem that makes it necessary to do the renovation, they may end up solving the problem partially. Also, remember that at the end of the day, the property belongs to you. Though the tenant may want the changes made for their satisfaction, you should aim to have the job done right so as to protect your investment. Your tenant is also likely to be thankful for this.
Understand Your Obligations As A Landlord
Landlords are obligated to ensure that their tenants have certain minimum standards when it comes to comfort, health and safety. For instance, there are regulations in NYC which dictate the minimum quality of plumbing in a rental home. Before renting out the house, you should know of all these regulations, and then renovate the home to make sure that it surpasses them. Once you have tenants, you should also make sure that subsequent renovation projects are done to exceed the set minimum standards.
Understand The Root Cause Of Problems That Arise
For problems that need renovation, you should understand the issues that caused them in the first place. For instance, if the home has a dilapidated bathroom due to very rapid wear and tear due to rowdy tenants, you could opt to renovate it with the aim of making it more rugged. You could install features that make the bathroom look pleasing, but which resist wear. This guarantees that you will not have to repeat the renovation in an abnormally short period of time. If you want to carry out renovation with such an issue in mind, consulting an experienced contractor always helps, since they can use their experience to provide reliable information that will lead to successful renovation.