If your Grand Junction single-family rental home has an old deck or patio, you might be planning to renovate it. Savvy investors are aware that having an updated outdoor space can indeed greatly increase both your property values and your rental home’s appeal. Nevertheless, there are a few things to know before engaging in a deck or patio renovation project.
Know Your End Goal
Before renovating your rental home’s deck or patio, it’s significant, first of all, to have a clear idea of why you are renovating and what you hope to accomplish. Do you plan to put to use the updated deck or patio to attract new tenants? Are the renovations designed to keep a current long-term tenant happy? How will your tenants use the deck or patio? Is your deck or patio scheduled for a complete overhaul, or does it merely need cosmetic updates?
A good rule of thumb is to aim for renovations that can renew the space using durable, mid-grade materials that may provide the best return for your investment. A complete deck or patio renovation is an expensive endeavor, but the long-term gains could make such an expenditure worth it. But take note, it’s essential not to go too big or very expensive. In the case that you do, you may never recover the cost. Examine certain comparable properties in your neighborhood to obtain a sense of how a renovated deck or patio could help you optimize your rental rate and future returns.
Know Which Permits You Need (If Any)
In lots of localities, anyone planning to build or renovate exterior areas of a property shall acquire certain permits. This is usually true in urban or residential areas, or for properties governed by a homeowner’s association. If you hire a good contractor with local experience, they can help you determine which permits you need and may even be able to obtain them for you. Anyhow it is up to you to make certain that you have all the required permits and permissions before work begins. Not doing so 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. But remember, it will also cost you space, time, and money. Before you start a renovation, you would have to carefully consider how much you have of all three. 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 can indeed create the most attractive space possible.
It’s additionally important to assess the time and money you have available for the project. If you have a tenant in the rental home, you need to work out a timeline that will restrict their use of the property as little as possible. If you are getting your property ready for a new tenant, it’s important, to be honest with how much time you can spend renovating the deck or patio before your cash flows start to suffer. In the final analysis, see to it that you create a realistic budget for your deck or patio renovation – and a contractor willing to stay on budget. For most rental homes, there’s no need to go really big or too extravagant. You can develop a functional, visually appealing space equally with modest renovations.
By primarily gathering the information you’ll want, your deck or patio renovation project can indeed be a functional and financial success, adding value to your rental property. If you’d like more advice from a professional property manager in Grand Junction, contact us online or call us at 970-314-7123 today.
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