Tips on Renovating Your Rental Properties

When you own multi-family dwellings, there comes a time when repairs need to be attended to because some tenants can be hard on your property and leave a mess when they move out. In other instances, it’s just time to replace or improve somethings in a rental unit. So below are some suggestions which may be helpful to you:

  • The floor: Of everything in your rental property, the floors are what really take a beating. This is because the floors take the most wear and tear from tenants moving in and out. If you have carpet in your unit and its worn out, consider having it replaced with something that is more durable and easy to clean. This could be linoleum, commercial grade tile or hardwood. This type of flooring does cost more upfront, but it also can last up to 20-30 years, unlike carpet.
  • Remodeling: When you’re remodeling or having the rental unit remodeled by a professional construction company, only remodel one unit at a time. You want to do things slowly and not go into debt over renovations if this can be helped. Also, if you remodel in smaller stages, then you can rent the remainder of your units while you’re remodeling the one that needs it the most first.
  • Invest in energy efficient appliances: When redoing bathrooms in your property, have low flush toilets installed. These toilets save on the monthly water bill by using less water. In addition, replace shower heads with water efficient ones as well which also lowers energy costs for heated water. Energy efficient appliances too are a good investment. These not only save on energy, but increases rental appeal.
  • Remodel areas that will get you more for your money: Because you own property, the return on your investment is always a prime concern. Now some of the improvements that will do this are updated hardware and lighting fixtures. These can change the look of a unit additionally with very little monetary investment. Also, giving the walls a fresh coat of paint every five years can do a lot to improve a dwelling place’s appearance.

Making well thought out improvements on your property can be a smart way to make money.