You may be planning to renovate an old deck or patio for your West Ashley single-family rental home. Savvy investors know that having an updated outdoor space can greatly increase both your property values and your rental home’s appeal. Before committing yourself to a deck or patio renovation project, know these few things first
Know Your End Goal
Before renovating your rental home’s deck or patio, you must have a clear idea of why you are renovating and what you hope to accomplish. Is the main objective of the updated deck or patio to attract new tenants? Are the renovations designed to keep a current long-term tenant happy? How will your tenants use the deck or patio? Does your deck or patio need to have a complete overhaul or just a cosmetic update?
To provide the best return for your investment, aiming for renovations that will renew the space using durable, mid-grade materials is a good rule of thumb. The long-term gains of a complete deck or patio renovation, although an expensive endeavor, could make such an expenditure worth it. Also, be careful not to go overboard on the expenses. Because if this happens, you may never recover the cost. Examine comparable properties in your area on how a renovated deck or patio can optimize your rental rate for future returns.
Know Which Permits You Need (If Any)
It is often the case that if one wants to build or renovate exterior areas of his property, one has to acquire certain permits. This is often the case in urban or residential areas, or for properties governed by a homeowner’s association. Hire a good contractor with local experience as they can easily tell you what permits you need and they might even be able to obtain them for you. But it is your responsibility that you have all the required permits and permissions before work begins. Not being able to do so could invite unwanted legal trouble or battles with an unhappy homeowner’s association
Know What Resources You Have
Renovating a deck or patio requires planning and trustworthy contractors. It also needs space, time, and money. Carefully consider how much you have of these three before you start a renovation. Your deck or patio will increase in size, so it’s good to consider whether the new deck or patio size is the right size for your space. A nice balance between green space and deck or patio will create the most attractive space possible.
It’s also important to assess the time and money you have available for the project. If a tenant is occupying the rental home, you should work out a timeline to restrict their use of the property as little as possible. It is important, to be honest regarding how much time you can spend renovating the deck or patio if you are getting your property ready for a new tenant, as your cash flows could start to suffer. Finally, be sure to create a realistic budget for your deck or patio renovation – and a contractor willing to stay on budget. There is no need to go lavish in most rental homes. Even with modest renovations, you can still create a functional, visually appealing space.
By first gathering the information you’ll need, your deck or patio renovation project can be a functional and financial success, adding value to your rental property. If you’d like more advice from a professional property manager in West Ashley, contact us online or call us at 828-342-9683 today.
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