If your Monument single-family rental home has an old deck or patio, chances are, 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. 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, you have to 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 please a current long-term tenant? How will your tenants use the deck or patio? Should it be a complete overhaul or just cosmetic updates for your deck or patio?
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. A complete deck or patio renovation may be an expensive endeavor but the long-term gains will make such an expenditure worth it. Consequently, make sure not to make the project too expensive. If you do, you may never recover the cost. it would be wise to examine comparable properties in 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 cases, one needs to acquire certain permits if one plans to build or renovate exterior areas of his property. Such is often the case in urban or residential areas, or for properties governed by a homeowner’s association. When you hire a good contractor with local knowledge, it could save you a lot of hassle as they can tell you which permits you need and they could be able to obtain them for you. But the responsibility rests on you to have all the required permits and approvals before work begins. Forgetting this responsibility 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. Also take into account, the property’s 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. 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. Lastly, create a realistic budget for your deck or patio renovation and a contractor willing to stay on budget. For most rental homes, you don’t need to go lavish or too expensive. You can build 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 Monument, contact us online or call us at 719-471-7368 today.
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