As a landlord, you have a strict duty of care for your tenants, and part of this involves ensuring their home is a suitable place to live. You’ll need to do certain things by law to ensure it’s fit for habitation, but there are also lots of things you should do simply as a decent human being who has the privilege of being a landlord. Being a landlord can be very profitable, and higher price points can also be justified when the property you are letting out is of a very high standard. Here are some of our best tips for landlords looking to renovate their property and get ready to start looking for tenants.
Make A Plan
Before we start advising you on just how to renovate your property, we should first talk about one very important step in any renovation project. That step is planning. Planning a renovation project is no simple task, but it’s essential if you want to increase the chances of things proceeding without a hitch. Your plans should include a number of different things from your budgets, material costs, which work needs to be done, and a specific timeframe for you to work to. This will all allow you to keep on top of the entire project and remain motivated to see it through to completion on time. It can also help you avoid unnecessary spending as you can cross-reference any purchases with your plans. When it comes to budgeting for your property investments on the Central Coast, Aus Property Professionals recommends overestimating costs to account for any potential unexpected expenses.
Don’t Cut Corners
There is a general perception of landlords as being cheap and on the lookout to cut corners as much as possible. This is, unfortunately, because a lot really are like this, and that perception is arguably justifiable. Of course, there are still plenty of landlords out there that want the best for their tenants, and there are many that also understand that landlords simply can’t afford to cut corners most of the time. Today, tenants are becoming much savvier when it comes to understanding their rights. By cutting corners, you open yourself up to complaints and potentially even lawsuits that can be costly. Just do things right and do things with the tenants’ best interests at heart, and you’ll avoid these sorts of issues.
Avoid Over-Decorating
It’s important to remember that the property you’re renovating for letting is your house, but it most certainly isn’t your home. Your tenants won’t be guests; they will be residents, so it’s essential that you keep the décor to a minimum so they can make the place their own, within reason. This is why you should consider simple paint colours for walls and basic furniture designs if the place is going to be furnished. Overdoing it with the design choices can put potential tenants off and may ultimately be a waste of money in the long run. This isn’t in line with cutting corners, however. You should still aim to make the place look nice and ensure you paint things properly and carefully, but keep things subtle and let your tenants add their own personality to the property using their possessions.
Repaint Walls
When it comes to the property’s walls, repainting them can freshen the place up and help the property feel new. As well as helping the room smell fresh, a new coat of paint can also help seal out moisture from the room and is much easier to wipe down than older surfaces. It’s also considered one of the cheapest ways to spruce up a room, so it should be a primary option when looking for things you can do to make the place look nicer. Don’t be one of those landlords that use thick, cheap paint to quickly and easily coat an entire room. Put some care into painting your room and use masking tape for skirting boards, floors, light switches, plug sockets and window frames, and don’t run the paint roller over them because you can’t be bothered to paint neatly around them.
Hire Professionals
You’ll have to undertake several tasks as part of your renovation project, but a fair few of these will require professional knowledge and expertise to be done properly and safely.
You will have to hire a number of professionals, such as plumbers and Batemans Bay electricians, for certain tasks. You may also want to hire a handyman for certain tasks too, especially if you don’t have the time for any DIY projects. You can find local plumbers, for example, via trader search sites like MyBuilder, which will also provide you with the ability to look at reviews so that you can be sure that you’re choosing the right expert for you.
Clean Carpets And Floors
It’s important to also make sure that the floors are suitably clean for your tenants as this can be both a health hazard and a very unpleasant problem in a home otherwise. Cleaning carpets can be done professionally by an expert, or you could also buy or hire a cleaning vacuum to wash and dry the carpets. Do this well before your tenants move in, as it can take a little while for the carpets to dry out fully. For your hard floors, replacing them if they are damaged or simply cleaning them if they are dirty can help make the place look and feel much fresher.
Damp Proof The Property
A major issue in homes today, especially older properties, is dampness. This is caused by a number of different things, and each different type of dampness can vary in severity. You could be experiencing dampness from the ground up, which could be a foundational problem in which you might have to get a builder in to repair it, or if it appears to be coming through the external walls, it might be an issue with your brickwork or rendering. Rendering will need to be removed and reapplied if it’s already present or added if not. This is essentially just a cement coating to the outside of the property, which protects the brickwork from moisture, effectively sealing the home and preventing dampness.
Improve Your Curb Appeal
The overall appearance of your property is going to be a testament to its quality, and it will also encourage more people to apply to be tenants. It will also help to justify higher price points as many people will prefer to live in a well-presented home rather than one that looks run-down. There are quite a few ways you can improve curb appeal, from simply adding some outdoor plants in hanging baskets or pots to painting the property’s façade. Replacing doors and windows is also a great way to spruce up the exterior and should be considered, especially if they’re old.
Take Care Of The Garden
Lastly, if your property has a garden area, you should make sure to keep this tidy, too. This can be a very pleasant addition to a rental property for tenants and can improve the likelihood of people choosing your property over someone else’s. As well as keeping it tidy, you’ll want to consider turning it into a low-maintenance zone. This means you should consider not having a grass lawn and opt for things like artificial lawn, decking, paving or gravel instead. Of course, there is the risk that paving can look unappealing, so don’t forget to decorate the place with plants and other forms of décor, too.