Buying a property to be rented out could be a great move for a savvy investor. However, some of the buy to rent properties out there may need a lot of work before it is fit to be rented out. You need to have a clear cut strategy to make sure you do not waste your time and resources for unnecessary repair or wrong repair move.
First, you need to list out every project that you deem necessary to make the property inviting, warm, and livable for your tenants to live in. Then, you need to rank them based on priority. For example, plumbing and electrical issues are important factors that rank high when it comes to fixing your property. To prevent any hazard and lawsuit, make sure that they are done by professionals, unless you are an expert in those area yourself.
To begin with, it is best to start with repairs that need to happen in the infrastructure of the house. Most of the time, repairing infrastructure will require walls and ceilings to be opened up. Working on the infrastructure early on will allow you to make the necessary repairs without the need to worry about maintaining the appearance or cosmetic of the house. However, if the necessary infrastructure of the house is good to go, you can proceed to prioritize on the cosmetic issues in the house.
Kitchen and bathrooms are important rooms to show to your clients. Many people judge the cleanliness of a house by its kitchen and bathrooms, so make sure to pay extra attention on those areas. Maybe you need to do a little touch up, or maybe you need to update the appliances on those areas. Whatever it is, you must have the comfort of the tenants in mind, as they will be the ones judging whether the property is up to their standard or not.
Next, it is also important that the property has some curb appeal. Remember that you only have one chance to create a positive first impression into your clients’ mind, so use the opportunity well. Make sure that the exterior of the property is neat, including the paint. Yard maintenance is another thing. Create a simple and yet appealing landscape by utilizing flower plants that are low maintenance.
After the big projects are taken care of, it is time to add final touches into the house. Bring in new light fixtures, curtains, new door handles, et cetera to jazz up the place.
To sum it up, when you are doing a rehab project for your property, you should really prioritize according to need and budget. But when all is said and done, renovation often is a great investment that would pay for itself.
The author owns and operates a successful property management company in Tampa, FL. In 2004 and 2005, one of David’s companies, Apartment Express Corporate Housing, made Inc Magazine’s Inc 500 List for the 500 fastest growing privately held companies in America.
Please feel free to visit his website and Wesley Chapel Property Management.