When it comes to owning a rental in all honestly the last thing we want to deal with is spending any money on it but that is not fair to the renters or the next tenant. The big fear with renovating a rental is over capitalising on your rental or investment property with the renovations so below we will give you 3 tips for renovating your rental and where you should not overspend. My knowledge is based on renovating your internal rooms such as bathrooms, laundries and toilets.
KEEP A ROOM WORTH OF SPARES
Whenever you renovate a floor or walls keep a rooms worth of spares, so this could be 5 metres of spare floor tiles or wood panels or even paint but this if it all goes pair shape with your tenants is worth having. So many times a client is trying to match broken tiles or replace a section and they can longer get them or a person wants to charge them $100 a tile to get one TRUST ME ORDER A ROOM MORE.
Light It Up Like Blackpool
My mum would always use this expression, what she was always trying to say was 1. I left too many lights on and 2. she gave me great advice for renovating.
Because the cost of installing LEDs has dropped dramatically, and their energy efficiency is one of the highest on the market, making the change to LEDs is both beneficial for the new tenant and the landlord.
You have the choice of LED-based fixtures, where the bulb is part of the fixture, and the cost can range from under $10 to over $500, depending on the look you want to achieve. This helps achieve the LED aspect in the older homes if you’re out to achieve more bang for your buck.
The added benefit for the landlord is the selling point. Once they’re installed it’s unlikely the tenant will ever need to replace them. Having several years of life in them, it’s likely you’ll have two, three or four tenants for the LED’s life span.
Make Your Bathroom Tenant Destructive Proof
Rental bathroom renovations are a little different then most bathroom renovations we do. As spending money and renovating a room which you won’t use or really see is a strange process. It’s hard not to get attached or want to make that room your dream bathroom. We often see clients torn and find it hard to make decisions sometimes making the wrong ones. Below we give you 4 tips for renovating your bathroom in a rental/investment property and stop those calls from the tenants. CLICK HERE OR THE IMAGE BELOW FOR THE FULL ARTICLE
When renovating your investment property the key is to be practical but not cheap. The difference is being cheap is not doing the basic things well, not overspending on your investment property/ rental is about not buy light up mirrors or items you value but the tenant may not. If you have any questions about renovating your rental or renovating your investment property without over capitalising just drop it below in a comment.
BUYING OR SELLING
Are you looking for a agent to rent our your property or looking to sell? The best real estate agent we have ever used is Thomas Orton in Perth WA. This guy is incredible we have no hesitation recommending him just let him know John from Small Bathroom Renovations Perth sent you his way and he will look after you just click the link below 🙂
If you are looking for a bathroom renovation quote and live in Perth, Western Australia just email us at email@example.com – Small Bathroom Renovations Perth
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If you have any questions about your rental or investment property renovations just drop us a comment below and we would be happy to help 🙂