If there is an old deck or patio in your Wallingford single-family rental home, you may be planning to renovate it. 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. Do you plan to use the updated deck or patio to attract new tenants? Are the renovations designed to keep a current long-term tenant satisfied? How will your tenants use the deck or patio? Decide also whether to have a complete overhaul or just a cosmetic update for your deck or patio.
If you wonder how to provide the best return for your investment, a good rule of thumb is to aim for renovations that will renew the space using durable, mid-grade materials. Although a complete deck or patio renovation is an expensive endeavor, the long-term gains could make such an expenditure worth it. But also bear in mind not to go all out on the expenses. Because if this happens, you may never recover the cost. Examine comparable properties around your area to see how a renovated deck or patio can optimize your rental rate and future returns.
Know Which Permits You Need (If Any)
In most areas, anyone planning to build or renovate exterior areas of a property needs to acquire certain permits. This is especially true in urban or residential areas, or for properties governed by a homeowner’s association. Hiring a good contractor with local experience could prove beneficial for you as they may be able to advise you regarding which permits you need and they may even be able to obtain them for you. But the responsibility rests on you to have all the required permits and approvals 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. How much of these three do you have? Carefully consider these 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. Together with the tenant in the rental home, you should work out a timeline to restrict their use of the property as little as possible. Be honest with how much time you can spend renovating the deck or patio when getting your property ready for a new tenant. This is important because 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. For most rental homes, going too lavish or expensive is not necessary. Even with modest renovations, a functional, visually appealing space can still be achieved.
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 Wallingford, contact us online or call us at 203-821-7303 today.
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