If your Coral Gables single-family rental home has an old deck or patio, most likely you may be planning to renovate it. Savvy investors know that having an updated outdoor space can greatly increase both your property values and your rental home’s appeal. But first, know these things before diving into a deck or patio renovation project.
Know Your End Goal
Before renovating your rental home’s deck or patio, it is best to have a clear idea of why you are renovating and what you hope to accomplish. Is the main objective of the updated deck or patio to attract new tenants? Are the renovations designed to keep a current long-term tenant satisfied? How will your tenants use the deck or patio? Decide also whether to have a complete overhaul or just a cosmetic update for your deck or patio.
To provide the best return for your investment, a good rule of thumb is to aim for renovations that will renew the space using durable, mid-grade materials. Although a complete deck or patio renovation is an expensive endeavor, the long-term gains could make such an expenditure worth it. But you also have to remember not to go too big or expensive. If you do, you may never recover the cost. Examine comparable properties in your area on how a renovated deck or patio can optimize your rental rate for future returns.
Know Which Permits You Need (If Any)
In most cases, one needs to acquire certain permits if one plans to build or renovate exterior areas of his property. This is mostly true especially in urban or residential areas, or for properties governed by a homeowner’s association. Hiring a good contractor with local experience could prove beneficial for you as they may be able to advise you regarding which permits you need and they may even be able to obtain them for you. But the responsibility rests on you to have all the required permits and approvals before work begins. Forgetting this could 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. Not only that, but it also needs space, time, and money. Carefully consider how much you have of these three before you start a renovation. 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 will create the most attractive space possible.
It’s also important to assess the time and money you have available for the project. If a tenant is occupying the rental home, you should work out a timeline to restrict their use of the property as little as possible. It is important, to be honest about how much time you can spend renovating the deck or patio if you are getting your property ready for a new tenant before your cash flow starts to suffer. Finally, be sure to create a realistic budget for your deck or patio renovation – and a contractor willing to stay on budget. For most rental homes, simple is usually more preferred than going lavish. A functional, visually appealing space can still be achieved even with modest renovations.
By first gathering the information you’ll need, your deck or patio renovation project can be a functional and financial success, adding value to your rental property. If you’d like more advice from a professional property manager in Coral Gables, contact us online or call us at 305-501-1511 today.
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