Published by Think Realty on June 18, 2020
You’ve made the plunge into the rental market and all has been well for the last few years. But as of late, you’ve begun to wonder if you should renovate your property. It could and probably will help draw in new tenants and you could make more money in rent with the added amenities. If you’re on the fence about renovating your rental home, here are some tips to help you make a decision and get it right.
Make a Conscious Decision
As any renovation will cost you money, a good plan will ensure you evaluate the job from all angles. What are you capable of doing yourself and what will you need to pay others to do? Plus, there’s always the idea of doing too much and digging too big of a hole for yourself. Be sure to take all aspects of your potential renovation job into account as you’ll want to know where each and every cent is spent, so you can recoup that capital down the line. In the end, you’re updating your rental property in order to make more money, not lose it.