You may be planning to renovate an old deck or patio for your Homewood 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. But before diving into a deck or patio renovation project, be sure to know the following.
Know Your End Goal
Before renovating your rental home’s deck or patio, it is a must to have a clear idea of why you are renovating and what you hope to accomplish. Is the purpose of the updated deck or patio to attract new tenants? Are the renovations designed to keep a current long-term tenant happily satisfied? How will your tenants use the deck or patio? You also have to decide if your deck or patio needs a complete overhaul or just cosmetic updates.
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. The long-term gains of a complete deck or patio renovation, although an expensive endeavor, could make such an expenditure worth it. At the same time, restrain the urge to splurge. If you do, 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. If you hire a good contractor with local experience, they can tell you which permits you to need and may be able to obtain them for you. But make sure that you have all the required permits and permissions before work begins. Failure to act on this could invite unwanted legal trouble or battles with an unhappy homeowner’s association.
Know What Resources You Have
Renovating a deck or patio requires careful planning and trustworthy contractors. Not only that, but it also needs space, time, and money. How much you have of these three should be carefully considered 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. If you are getting your property ready for a new tenant, it is important, to be honest on how much time you can spend renovating the deck or patio before cash flows start to suffer. Finally, be sure to create a realistic budget for your deck or patio renovation – and find a contractor willing to stay on budget. There is no need to go lavish in most rental homes. One can still achieve a functional, visually appealing space even with modest renovations.
By first gathering the information you’ll need, your deck or patio renovation project can be a functional and financial success, as well as adding value to your rental property. If you’d like more advice from a professional property manager in Homewood, contact us online or call us at 205-793-0700 today.
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