If your Palatine single-family rental home has an old deck or patio, you may be planning to renovate it. Savvy investors believe that having an updated outdoor space can surely greatly increase both your property values and your rental home’s appeal. Anyhow, there are a few things to know before getting into a deck or patio renovation project.
Know Your End Goal
Before renovating your rental home’s deck or patio, it’s critical to have, at the outset, a clear idea of why you are renovating and what you hope to accomplish. Do you want to have the updated deck or patio to attract new tenants? Are the renovations designed to keep a current long-term tenant content? How will your tenants use the deck or patio? Is your deck or patio suited for a complete overhaul, or does it only entail cosmetic updates?
A good rule of thumb is to aim for renovations that could indeed renew the space using durable, mid-grade materials that would provide the best return for your investment. A complete deck or patio renovation is an expensive endeavor, however, the long-term gains perhaps can make such an expenditure worth it. But at the same time, it’s significant not to go big or expensive. Just in case you do, you may never recover the cost. Examine a few comparable properties in your neighborhood to attain a sense of how a renovated deck or patio will aid you to optimize your rental rate and future returns.
Know Which Permits You Need (If Any)
In various areas, anyone needing to build or renovate exterior areas of a property are required to acquire certain permits. This is oftentimes accurate 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 help you find out which permits you will need and may even be able to obtain them for you. But in the end, it is up to you to always ensure that you have all the required permits and permissions before work begins. Not doing so would 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. However, it also definitely uses up space, time, and money. Before you start a renovation, you must 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 can create the most attractive space possible.
It’s likewise important to assess the time and money you have available for the project. If you have a tenant in the rental home, you may have 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 relating to how much time you can spend renovating the deck or patio before your cash flows start to suffer. In the end, ensure 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 very big or too fancy. You can bring about a functional, visually appealing space with a few modest renovations.
By initially gathering the information you require, your deck or patio renovation project shall be a functional and financial success, adding value to your rental property. If you’d like more advice from a professional property manager in Palatine, contact us online or call us at 847-892-4040 today.
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