In case your Greensboro single-family rental home has an old deck or patio, you could be planning to renovate it. Savvy investors understand that having an updated outdoor space may greatly increase both your property values and your rental home’s appeal. On the other hand, there are a few things to know before deciding on a deck or patio renovation project.
Know Your End Goal
Before renovating your rental home’s deck or patio, it’s vital, primarily, to have a clear idea of why you are renovating and what you hope to accomplish. Are you considering making use of the updated deck or patio to attract new tenants? Are the renovations designed to keep a current long-term tenant pleased? How will your tenants use the deck or patio? Is time for your deck or patio to have a complete overhaul, or does it just need cosmetic updates?
A good rule of thumb is to aim for renovations that would renew the space using durable, mid-grade materials that could surely provide the best return for your investment. A complete deck or patio renovation is an expensive endeavor, though the long-term gains would make such an expenditure worth it. But, on the other hand, it’s relevant not to aim too far or spend a lot. If you do, you may never recover the cost. Examine several comparable properties in your community to have a sense of how a renovated deck or patio could aid you to optimize your rental rate and future returns.
Know Which Permits You Need (If Any)
In a lot of locations, anyone yearning to build or renovate exterior areas of a property have to acquire certain permits. This is certainly true in urban or residential areas, or for properties governed by a homeowner’s association. If you hire a good contractor with local experience, they can help you see which permits you to need and may even be able to obtain them for you. Nonetheless, it is up to you to be certain that you have all the required permits and permissions before work begins. Not doing so can 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. Though, it will likewise consume space, time, and money. Before you start a renovation, you ought to carefully consider how much you have of all three. 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 could create the most attractive space possible.
It’s furthermore important to assess the time and money you have available for the project. If you have a tenant in the rental home, you should work out a timeline that will restrict their use of the property as little as possible. If you are getting your property ready for a new tenant, it’s important, to be honest concerning how much time you can spend renovating the deck or patio before your cash flows start to suffer. Conclusively, make it a point to create a realistic budget for your deck or patio renovation – and a contractor willing to stay on budget. For most rental homes, there’s no need to go and be excessive or too extravagant. You can build a functional, visually appealing space with merely modest renovations.
While doing research on every potential income property is a lot of work, Real Property Management of the Triad can help lighten your load. We offer free rental property analyses for investors, which can help you more easily identify whether the income property you want to buy is a profitable option. Contact us online or call us at 336-355-6677 or 336-777-7444 to learn more!
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