Uploaded on Apr 22, 2022
Investment property renovation is one of the biggest expenses a landlord will accrue. Renters tend to cause a lot more wear and tear on a property than a homeowner, and deferred maintenance or repairs can cause even more expensive problems down the road.
Saving money as a landlord when renovating
Saving money as a landlord
when renovating
Investment property renovation is one of the biggest expenses a landlord will
accrue. Renters tend to cause a lot more wear and tear on a property than a
homeowner, and deferred maintenance or repairs can cause even more
expensive problems down the road.
You worked hard for your investment property and keeping it well maintained
will generate cash flow and appreciation for many years. Investment property
renovation can get expensive and are often necessary. Follow these three tips
to get the most out of your investment dollars.
Establish relationships with contractors
General contractors typically like working with landlords more than
homeowners. They know they are likely to get much more work if they
provide excellent service. Especially if you own multiple properties in an area,
make it a point to establish professional relationships with the local
contractors. It will benefit you both as you each learn how to work best with
each other.
Save time, and save money using the FREE home renovation app for
landlords. The Renozee App is a new, easy, and free way of having
home renovation contractors find you and compete for your business for any
immediate property repair work! Download the Renozee App today!
Getting the most bang for your buck
Investment property renovation on a rental property is much different than
renovating your own home. When making decisions, put yourself in the
position of the tenant. In your own home, you may want high-end appliances
and trendy colors on the walls. But that typically is not what renters want.
Renters usually want a clean, safe and affordable home, often while they are
saving to buy their own home. Mid-range appliances and neutral colors for
paint are your best bet. Things like new bathroom fixtures can make a
property look much better for a reasonable price between tenants.
New carpeting and flooring also tend to provide a high return on investment.
These make a property look clean and well maintained and are typically not
expensive.
Save time, and save money using the FREE home renovation app for
landlords. The Renozee App is a new, easy, and free way of having home
renovation contractors find you and compete for your business for any
immediate property repair work! Download the Renozee App today!
Avoiding expensive problems
Real estate investing is a long-term game. To be successful, one must stay on
top of essential maintenance before expensive repairs are needed. Get in the
habit of spending a little money upfront to avoid catastrophes.
Water and fire can damage a property quicker than anything. Make sure, for
example, plumbing pipes and fixtures are regularly inspected for leaks.
Consider budgeting for a water heater replacement while it is still serviceable
to prevent a potentially flooded basement. Inspecting, repairing, and cleaning
rain gutters and drainage systems every spring can also pay off.
Also, do not forget to do the obvious. A few dollars to replace smoke alarm
batteries can prevent a total loss. Make sure your maintenance plans are
written down and scheduled, especially if you own multiple properties.
Pest control is another area that landlords may want to consider. A small
annual bill in the budget can be much cheaper than a major infestation, both
to your bank account and reputation. For a landlord, staying one step ahead
of problems is often best.
In conclusion, investment property renovation on a rental property is
significantly different than an owner-occupied home.
To be successful, take advantage of being able to establish long-term
relationships with general contractors. Do not be afraid to regularly spend a
little bit of money to reduce the frequency of outsized repairs or costs, and
focus on making your property clean and affordable as opposed to having the
latest interior design trends.
Save time, and save money using the FREE investment property renovation
app for landlords. The Renozee App is a new, easy, and free way of having
general contractors find you and compete for your business for any
immediate property repair work! Download the Renozee App today!
Save money as a landlord using the FREE Renozee App!
Discover the Renozee App, the free, one-stop-shop investment property
renovation platform for landlords! Renozee makes life easier for independent
landlords and improves cash flow by providing a world-class investment
property renovation platform.
Great maintenance and speedy repairs lead to higher retention of tenants
and happy landlords. That’s where Renozee fits in. The Renozee App is a free
platform designed to simplify how landlords collect bids for maintenance
issues and hire reliable general contractors fast.
Using the free Renozee App to hire general contractors has made landlords
more efficient, enabling them to focus on what’s most important, obtaining a
better ROI.
When maintenance issues arise, there are many reputable and specialized
general contractors readily available to complete repairs quickly and at
competitive pricing. General contractors can submit custom bids directly
through the platform making it easy for landlords to compare competing
offers digitally and seamlessly. Get fantastic general contractor support when
you need it!
Download the Renozee App today, and post your project to receive bids from
immediately available general contractors that want to win your business!
Get in touch with
us
PO Box 1175 PMB
30072
(C8in8c8i)n-3n7a1ti-,6 O1H1 145201
[email protected]
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