If your Ellicott City single-family rental home has an old deck or patio, 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. Before committing yourself to a deck or patio renovation project, know these few things first
Know Your End Goal
Before renovating your rental home’s deck or patio, make sure to have a clear idea of why you are renovating and what you hope to accomplish. Do you plan to use 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? Does your deck or patio need to have a complete overhaul or just a cosmetic update?
Aim for renovations that will refresh the space using durable, mid-grade materials. This is a good rule of thumb to provide the best return for your investment. A complete deck or patio renovation may be an expensive endeavor but the long term gains may make such expenditure worth it. Also, be careful not to go overboard on the expenses. If you do, you may never recover the cost. Examine a group of comparable properties in your area so that you can be able to compare how a renovated deck or patio could help optimize your rental rate and future returns.
Know Which Permits You Need (If Any)
It is often the case that if one wants to build or renovate exterior areas of his property, one has to acquire certain permits. This is often the case in urban or residential areas, or for properties governed by a homeowner’s association. When you hire a good contractor with local knowledge, it could save you a lot of hassle as they can tell you which permits you need and they could be able to obtain them for you. Remember that it is your responsibility to make sure that you have all the required permits and permissions before work begins. Failure to act on 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 careful planning and trustworthy contractors. Aside from that, it also needs space, time, and money. How much you have of these three should be carefully considered 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. You should work out a timeline for your tenant in the rental home to restrict their use of the property as little as possible. Be honest with how much time you can spend renovating the deck or patio when getting your property ready for a new tenant. This is important because cash flows could start to suffer. Finally, be sure to create a realistic budget for your deck or patio renovation – and find a contractor willing to stay on budget. For most rental homes, there’s no need to go big or too lavish. Even with modest renovations, a functional, visually appealing space can still be achieved.
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 Ellicott City, contact us online or call us at 410-415-1736 today.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
