In the case that your Bedford County single-family rental home has an old deck or patio, you may perhaps be planning to renovate it. Savvy investors understand well that having an updated outdoor space can indeed greatly increase both your property values and your rental home’s appeal. But take note, there are a few things to know before embarking on a deck or patio renovation project.
Know Your End Goal
Before renovating your rental home’s deck or patio, it’s necessary, to have a clear idea of why you are renovating and what you hope to accomplish. Do you want to make use of the updated deck or patio to attract new tenants? Are the renovations designed to keep a current long-term tenant content? How will your tenants use the deck or patio? Is your deck or patio suitable for a complete overhaul, or does it just need a few cosmetic updates?
A good rule of thumb is to aim for renovations that can renew the space using durable, mid-grade materials and that also can provide the best return for your investment. A complete deck or patio renovation is an expensive endeavor, nevertheless, the long-term gains will make such an expenditure worth it. Meanwhile, it’s critical not to go kind of big or too pricey. Once you do, you may never recover the cost. Examine different comparable properties in your locality to possess a sense of how a renovated deck or patio could be helpful to you in optimizing your rental rate and future returns.
Know Which Permits You Need (If Any)
In most locations, anyone longing to build or renovate exterior areas of a property needs to acquire certain permits. This is usually 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 assist you to discover and understand which permits you to need and may even be able to obtain them for you. However, it is up to you to make sure that you have all the required permits and permissions before work begins. Not doing so should 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. Nevertheless, it will also consume space, time, and money. Before you start a renovation, you have 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 equally important to assess the time and money you have available for the project. If you have a tenant in the rental home, you may like to 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 seriously honest concerning how much time you can spend renovating the deck or patio before your cash flows start to suffer. Lastly, make certain 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 really big or too expensive. You can set up a functional, visually appealing space with, indeed, even modest renovations.
By 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 Bedford County, contact us online or call us at 434-215-3028 today.