If your Leander single-family rental home has an old deck or patio, most likely 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. Know these things first before committing yourself to a deck or patio renovation project.
Know Your End Goal
Before renovating your rental home’s deck or patio, make sure to have a clear idea of why you are renovating and what you hope to accomplish. Is the main objective of the updated deck or patio to attract new tenants? Are the renovations designed to keep a current long-term tenant happy? How will your tenants use the deck or patio? Depending on the appearance of your deck or patio, should you have a complete overhaul or just some 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. A complete deck or patio renovation may be an expensive endeavor but the long term gains may make such 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)
As with most areas, whoever wants to build or renovate exterior areas of their property needs to acquire certain permits. This is mostly true especially in urban or residential areas, or for properties governed by a homeowner’s association. Hiring a good contractor with local experience is a wise decision as they will be able to tell you which permits you need and they may be able to obtain them for you. But it is your responsibility that you have all the required permits and permissions before work begins. This is very important or you 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. Aside from that, it also needs space, time, and money. Carefully consider these 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. You and the tenant in the rental home should work out a timeline so you will restrict their use of the property as little as possible. It is important, to be honest regarding how much time you can spend renovating the deck or patio if you are getting your property ready for a new tenant, as your cash flows could start to suffer. Finally, be sure to create a realistic budget for your deck or patio renovation – and a contractor willing to stay on budget. For most rental homes, simple is usually more preferred than going lavish. A functional, visually appealing space can still be achieved 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, adding value to your rental property. If you’d like more advice from a professional property manager in Leander, contact us online or call us at 512-580-3099 today.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
