In case your Celina single-family rental home has an old deck or patio, you may be planning to renovate it. Savvy investors acknowledge that having an updated outdoor space can, for sure, greatly increase both your property values and your rental home’s appeal. But there are a few things to know before undertaking a deck or patio renovation project.
Know Your End Goal
Before renovating your rental home’s deck or patio, it’s imperative, first and foremost, to have a clear idea of why you are renovating and what you hope to accomplish. Do you wish to benefit from the updated deck or patio to attract new tenants? Are the renovations designed to keep a current long-term tenant elated? How will your tenants use the deck or patio? Is your deck or patio all set for a complete overhaul, or does it only ask for cosmetic updates?
A good rule of thumb is to aim for renovations that could renew the space using durable, mid-grade materials that also could provide the best return for your investment. A complete deck or patio renovation is an expensive endeavor, but on the other hand, the long-term gains could make such an expenditure worth it. Though you need to also remember, it’s crucial not to be too excessive or too costly. In case you do, you may never recover the cost. Examine various comparable properties in your vicinity to achieve a sense of how a renovated deck or patio would work to help you optimize your rental rate and future returns.
Know Which Permits You Need (If Any)
In quite a lot of localities, anyone requiring to build or renovate exterior areas of a property will have to acquire certain permits. This is generally 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 better help you find out which permits you to need and may even be able to obtain them for you. Although, it is really up to you to make certain that you have all the required permits and permissions before work begins. Not doing so will 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. On the other hand, it will occupy space, time, and money. Before you start a renovation, you need 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 certainly create the most attractive space possible.
It’s indeed important to assess the time and money you have available for the project. If you have a tenant in the rental home, you might want 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 honest with yourself regarding how much time you can spend renovating the deck or patio before your cash flows start to suffer. Lastly, be 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 excessive. You can produce a functional, visually appealing space with still modest renovations.
By primarily gathering the information you’ll need at the very start, your deck or patio renovation project should be a functional and financial success, adding value to your rental property. If you’d like more advice from a professional property manager in Celina, contact us online or call us at 469-820-0088 today.
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