Tips to improve your property value
When a tenant moves out of a rental property, the best way to get your apartment rent-ready again is by having it remodelled.
However, some landlords just do not have the time or expertise for this process and that can put them at risk of losing money as they temporarily keep their units off the market.
In fact, the last thing any landlord wants is an empty unit because there are no applicants coming through. If you still want to make your place even more attractive to potential renters without getting involved in construction work yourself – or if you simply do not have enough time on your hands – then hiring a contractor might be a solution for you.
But how much does professional remodelling really cost? Here are a few things to think about when setting the price.
Proper pricing for remodelling jobs
You have to understand that not every contractor provides you with the same quality of work. In fact, many companies can sometimes get away with charging lower prices because they know there are plenty of landlords out there who do not have the time or expertise to find a better deal.
The truth is that if you want your job done properly and on time, then you need someone who has a good track record and a solid number of completed jobs under their belt. Some contractors will even offer free estimates so it’s worth asking around beforehand.
What can I do myself?
As mentioned above, it is always best for landlords to focus their attention on other tasks while letting contractors handle property remodelling jobs. However, some jobs can be completed by non-experts as well and these should not cost you too much money.
For example, painting is relatively easy to learn so even though it might take a little bit of your time to get everything done properly – there should not be too much financial risk involved.
On the other hand, if you do not want to bother yourself with doing any of the work on your own – and there is a lot more than just painting involved, such as plumbing – then it would be best for you to hire someone who specializes in remodelling jobs.
Alternatively, consider dividing your project into several smaller ones that way you can reduce the cost of each job this way.
How long will my apartment stay vacant?
If you are planning on keeping your rental unit off the market for a longer period of time during renovations – perhaps because they cannot be done around current tenants – then make sure to take this potential loss of revenue into consideration when setting prices with your contractor.
Of course, if you hire someone who is more expensive than their competitors, then it would be smart to negotiate with them. If they refuse to lower their price – which some contractors might do because business is good for them at the moment – then you should consider hiring someone else.
You can always ask for an estimate from another contractor to see if the price difference is worth the time invested in searching for a better deal.
If your rental unit will become vacant for less than two weeks while remodeling, then there should not be much of a problem here unless you are working on bigger projects that require bringing in new furniture or appliances.
Important remodelling focus points
Bathroom remodelling
If you are looking for a way to get higher rents in your apartment, then you should probably focus on the bathroom because renters want to feel comfortable in their new homes.
They might not be willing to pay more if they have to share a kitchen with other tenants so make sure that yours is up-to-date and clean at all times. Also, upgrade appliances such as cabinets and sinks if possible because these can also add value to the rent price.
Try doing this before other renovations if you want lower costs per project. You should also consider painting your rental unit or replacing old carpets and flooring materials at some point though because both of these things will help give it a fresh look.
Kitchen remodelling:
The kitchen is also important when you want to increase rental prices for your unit because it is the place where tenants spend most of their time. While kitchens do not have to be completely replaced just because a new tenant has moved in, sometimes a few routine repairs will suffice and these should not set you back too much money.
For example, if you notice that there are certain appliances that no longer work – then replace them or install new ones. As for other areas in the kitchen, such as cabinets and countertops, focus on updating rather than replacing so your remodeling jobs stay within a reasonable price range.
Electrical works:
In terms of electrical renovations, what you need to remember here is that every apartment’s system should meet safety standards so consult with your local building department if you are unsure about what must be done in order to comply with these regulations.
Painting:
There are many things that you can do when it comes to painting your rental unit which is why this usually requires a bigger budget than other jobs because there are so much more involved in remodeling.
However, there are certain thematic paint jobs that will not cost much money at all such as when you choose to use neutral colors for the walls and ceiling throughout the apartment.
For example, if you go with light gray or white then this would also work well with darker flooring materials so you should consider this option if your rental property has wooden floors instead of carpeted ones.
Carpeting
With regards to carpets, it is still possible to find great deals especially if you shop around. However, you will probably have to either steam clean or replace them completely because they can start to look worn out over time.
Carpet cleaners use chemicals that are not always safe for the environment so replacing your old carpets with new ones would be better in terms of health benefits.
This does not have to cost a lot of money though because you can simply put old carpeting aside and place it on top of the new one until the next tenant moves in so this way you do not waste any materials.
There are many benefits to remodelling your rental unit so you should not have to worry about spending too much money here. There are some thematic elements that will require more of your funds but these are usually very easy on the wallet as long as you choose wisely.
You can also consult with local contractors who specialize in apartment renovations to get better ideas for how to make the most out of what you will spend. Once you are done with upgrades, simply relax and wait until a new tenant moves in which should translate into higher monthly rent amounts.
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Disclaimer:
This post is for general use only and is not intended to offer legal, tax, or investment advice; it may be out of date, incorrect, or maybe a guest post. You are required to seek legal advice from a solicitor before acting on anything written hereinabove.
