It is a fact that renovating a property can improve its rental value. However, owners of rental properties need to know the best time to start renovations. There are factors that landlords need to consider before they can ascertain the best period to make changes to a building. You will find the tips in this guide to be useful.
Having a Good Reason to Make Repairs
Be sure that there is a reasonable cause for renovating. If you just bought the property, it is OK to want to make some updates. You may want to add more (or better) features to the building to increase its rental value. There may be need for repairs, especially if it is an old building. Whatever your reason may be, ensure that the situation is assessed carefully. Ask yourself the following questions:
Are the Tenants Calling for Repairs?
If you have been receiving complaints from your tenants concerning the need for urgent repairs, then you have to address those matters ASAP. Delays may make the situation get worse depending on the affected areas. It is a good idea to upgrade the building’s features regularly instead of repairing old ones. This will enable you to charge higher rental fees.
Do You Need to Make the Property More Attractive?
Landlords always need to make their properties appealing to potential tenants. If the building is not aesthetically pleasing enough, then it will get fewer people interested. You can take note of what the past tenants complained about to know what needs to be changed.
What is Your Budget?
The repairs may be expensive, but it will be worth it at the end. Still, you should be sure that you are capable of covering the total cost. If not, it is advisable not to begin any work. A good idea would be to engage in DIY practices if you have the skills for some of the tasks.
What Period of the Year Is It?
The best time to put your property up for rent depends on its location. For example, if it is a university town, you will have to decide in line with the school’s schedule. Generally, most relocations are made during the summer. It will be a good idea to renovate before that period of high demand, so you can place a higher price for rent.
Will the Lives of the Tenants Be Adversely Affected?
If you are between tenants, then it will be easy to get those repairs done conveniently and on time. If not, then you have to take your tenants’ schedules into consideration. There will be noise and other hassles to worry about. It will only be possible to make small renovations if there are occupants.
Hopefully, the tips above will help you choose the right timing. Sometimes, it is better to trust your instincts. The availability of your general contractor is another factor that you may need to consider. Ultimately, spending more money on the property means that you will have good cause to increase the rental fees.