When it comes to the renovation of your rental property, there are a number of things that you have to consider. First of all, statistics show that the majority of the money that is spent on renovations will never be recouped. This means that you should consider carefully if renovations for your property are really necessary.
The ROI (Return on Investment)
First things first, consider whether or not the renovations will up the value of your investment, or attract more potential renters. Not every single renter will be looking for a kitchen that has been recently renovated. However, a kitchen that is outdated or not decorated well can definitely be a turn off. Old or ugly cabinets or cheap and chipped counters can sent potential tenants running for the hills. Keep in mind, you can give the kitchen a facelift without having to completely redo the entire space. Consider some smaller repairs that need to be made, which will increase the ROI you receive.
The Hidden Costs Associated with a Renovation
When it comes to remodeling your rental property, there will always be additional consists that you did not anticipate – even smaller jobs. After you calculate all of the potential expenses of the project, you should always add an extra 10 to 20 percent depending on the actual estimate that you are given. This will help you get a much better idea of the costs that you will be having to pay.
You should also not forget to include the costs of any additional tools that you might have to purchase, the gas that will be necessary for picking up materials and any extra things that you may need.
Finding the Right Professional for the Job
A key to the success of your remodeling project will be to find the right contractor. If you are unsure of who to use, this may result in you using a contractor that is not as experienced as you may be able to find. This is when the contacts that a property manager has can be extremely beneficial. They will likely have on-going relationships will all types of contractors who will be able to work on your property for a fair cost and the job will be completed in a timely manner.
It is important to avoid simply choosing the first contractor that you come across. This will likely result in less than ideal results. If you have a rental property in Minnesota that you are considering having remodeled, then you definitely need to contact Simply Residential Property Management. They will ensure that your project is successful and affordable.
Questions about renovating your rental property? Contact us today at firstname.lastname@example.org!