Supposing your Batesville single-family rental home has an old deck or patio, you may be planning to renovate it. Savvy investors realize that having an updated outdoor space could greatly increase both your property values and your rental home’s appeal. Nonetheless, there are a few things to know before taking part in a deck or patio renovation project.
Know Your End Goal
Before renovating your rental home’s deck or patio, it’s crucial to first have a clear idea of why you are renovating and what you hope to accomplish. Do you mean to take advantage of the updated deck or patio to attract new tenants? Are the renovations designed to keep a current long-term tenant delighted? How will your tenants use the deck or patio? Is your deck or patio in need of a complete overhaul, or does it merely call for cosmetic updates?
A good rule of thumb is to aim for renovations that could renew the space using durable, mid-grade materials that might provide the best return for your investment. A complete deck or patio renovation is an expensive endeavor, although the long-term gains can make such an expenditure worth it. But be careful, it’s vital not to go pretty big or too expensive. When you do, you may never recover the cost. Examine some comparable properties in your locale to have a sense of how a renovated deck or patio may help you to optimize your rental rate and future returns.
Know Which Permits You Need (If Any)
In numerous localities, anyone hoping to build or renovate exterior areas of property must acquire certain permits. This is commonly 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 support you to understand which permits you need and may even be able to obtain them for you. Though, it is really up to you to be sure that you have all the required permits and permissions before work begins. Not doing so may 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. It will indeed use up space, time, and money. Before you start a renovation, you should therefore 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 should create the most attractive space possible.
It’s even important to assess the time and money you have available for the project. If you have a tenant in the rental home, you would surely need 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 over how much time you can spend renovating the deck or patio before your cash flows start to suffer. Ultimately, bear in mind 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 too big nor too grand. You can establish a functional, visually appealing space with modest renovations.
By gathering the information you’ll need at the outset, 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 Batesville, contact us online or call us at 501-404-0674 today.
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