Rental Renovations Can Help You Get the Most Out of Your Boulder, Colorado Property
If you’re a boulder, Colorado property manager, then you already know that tenants come and go. You’re also very aware of how important it is to clean and make repairs between tenants so that your property stays in as good of condition as possible. However, it may be worth the investment to not only clean and repair, but also renovate and refinish between tenants. Here are five reasons why you should consider rental renovations between renters.
1. It’s much easier to do rental renovations between tenants than it is to do it while the property is occupied.
Nobody likes to have their peace and routine disturbed, and nowhere is that more true than when it comes to renters. When most property owners undertake renovations, they do it because they will get to choose the style and materials that match their taste, customizing the property to meet their needs and preferences. They’ll also get to enjoy the benefits of living in their newly refinished home, which can provide a significant boost to their quality of life.
Tenants, however, do not usually get to reap those benefits. They may not agree with your taste in flooring, paint colors, and other materials, but aren’t typically given any say in the matter (after all, it is your property, not theirs.) Plus, since the average stay of tenants in a single-family home is only about three years, your current renters probably won’t be around to really reap the benefits of any rental renovations.
Though it’s usually better for a property to be occupied, both for revenue and maintenance purposes, having someone live in a home does increase wear and tear. Chips in the paint, stains in the carpet, dings in the floor – these small issues are inevitable with even the most conscientious of occupants. If your tenants don’t choose to leave when they hear that you’re planning on renovating, then their wear and tear will make it so your freshly renovated property won’t be so fresh by the time you’re ready to lease it to someone new.
2. Repairs are a legal requirement, and can provide an easy avenue towards rental renovations
As previously mentioned, even the most careful and respectful of tenants will leave some wear and tear on your house. Since landlords are legally required to complete repairs between tenants, you can easily use those repairs as a springboard toward making simple improvements.
If the carpets are stained and old, it might be worth it to spring for a new, affordable flooring option rather than simply cleaning them again. If there’s a gouge in the wall and you have to patch it anyway, why not consider a fresh coat of paint to make it a tasteful accent wall? The kitchen is especially important to keep fresh and updated, so if you’re replacing appliances and doing a thorough cleaning, it’s easy to take simple steps like updating the backsplash and countertops, if needed.
3. Updates can help you get better tenants faster, and can increase your potential income
When you take good care of your rental property and keep it updated and attractive, it’ll be much easier to rent it quickly – and when it comes to rental properties, time truly is money! Potential tenants are always more excited about moving into a place that looks (and smells) good.
Updated and refinished rental properties also tend to attract more people who are interested. Since getting good tenants is something that is often on the minds of most landlords, this is a bonus! Having a larger pool of interested people to choose from gives you the opportunity to be more picky about who you allow to rent your property. This gives you more control, and may save you money in the long run since you were able to vet potential renters rather than simply accepting the first reasonable prospect in order to keep cash flow going.
Finally, when you keep your property updated, you increase your potential income. Almost without exception, renters will pay more to live somewhere that is clearly well taken care of. Kitchen and bathroom updates are especially important to making your property look attractive, fresh, and appealing. If you would like some advice about which rental renovations can give you the most return on your investments, feel free to get in touch with our team.
4. Keeping up with updates between tenants (typically every few years) is much easier than letting your property sit for decades before renovating
Eventually, a property needs to be updated simply for safety and functionality’s sake. However, it can take decades to get to that point. In the meantime, since keeping a rental occupied is so important to cash flow, many landowners fall victim to the “fix it up quick and rent it now” mentality. While it’s important to save money and time on repairs and upgrades, if you keep renting without updating, you may eventually be left with a property that’s so dated that it’s difficult (if not dangerous) to rent.
Since tenants tend to turn over every few years, taking that time to make updates can help keep them manageable and small. Smaller updates spaced out over time are much easier to deal with both financially and mentally than large updates!
5. If you decide to sell your property, your previous rental renovations will go a long way toward getting the highest price possible for it.
They say that the only thing consistent about life is that it changes – and nowhere is that cliche more true than in the real estate world! Whether it’s taking advantage of a better opportunity elsewhere, retiring from real estate, or other life events, there will probably come a day when you’re ready to sell your rental properties.
Potential buyers like to look at clean, updated properties – they don’t want to be worried about having to make repairs themselves. If you keep your rental property updated and in good shape, it will make it much easier to sell for the highest price possible when the time comes.
If you have a question about tenant refinishing, kitchen or bathroom updates, painting, or anything else related to rental renovations, don’t hesitate to reach out to our Boulder, Colorado team at (303) 652-1150!