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Renovating a Rental Property
For those looking for an investment opportunity, rental properties are often a great way to make some extra money. There are several ways to do this, including buying land and building, but often, it’s more cost effective to purchase an existing structure and renovate it if necessary. Before you dive into the real estate game, a little homework goes a long way in protecting yourself and your assets when becoming a landlord. Read on for five tips for effectively renovating a rental property.
Research, Research, Research
When purchasing a rental property, it’s crucial that you know what you’re getting yourself into. Having an arsenal of professionals at your disposal is key. Start with a reputable realtor, and ensure you include an attorney, an inspector, a lender, and a contractor among others who can steer you in the right direction.
Stay Within Your Budget
Not only do you have to invest in the property, but you also have to consider the cost of renovating it, the management fee, and the possibility that no one will want to rent it right off the bat. Being financially conservative in this venture will prevent you from sinking your cash into a money pit.
Keep It Simple
Hopefully, you’ve chosen a property that requires minimal renovations. An inexpensive can of paint can work wonders when changing the feel of a space. Aside from that, purchase second-hand furniture and decor from thrift stores and local buy/sell/trade boards to keep expenses down.
Maintainance For a Lifetime
Protect your investment by maintaining it regularly. Renters, whether short- or long-term, can take their toll on rental properties. Stay ahead of the wear and tear by checking in with your property and making needed repairs as soon as possible.
Rental properties can be wise investments, but only if you keep the cost of renovations low. With a little thought and a lot of preparation, you can purchase a property that will pay off for years to come.