5 Reasons To Renovate Your Home Before Renting It

As a property manager, you should want two things:

1. Maximize profit from your property 

2. Offer your tenants a comfortable experience so they continue to stay

By renovating your home or property before renting you hit two birds with one stone.

When it comes to Edmonton property management, you want to give your tenants a house that truly feels like home.

Here are 5 reasons to renovate your home before renting it.

1. Old

If your home is old, then it definitely is a good idea to renovate it. Over the years, it would have experienced wear and tears. There might be patches of mold or peeling paint throughout the home. An old home doesn’t always look great. Spending time and money on renovating your home helps fix the clinks and makes your home presentable.

2. Affordable

Probably the biggest obstacle that’s stopping you from renovating your home is the price. However, the renovation does not have to be a big budget project. If you are working with a limited budget, identify aspects of your home that are cheap to change and which will have a big impact. For example, simple elements like changing the faucets and door handles to new ones can increase the sheen in your home.

This way, even though you spend a little on renovation, it has a maximum impact on the home.

3. Higher Rent

When your home looks better, you can charge a higher price. And, a higher price allows you to make a higher profit. A good renovation project can also enhance the functionality of the home, which is another reason you charge a higher rent.

4. Satisfy Prospective Tenants

Imagine your home is showcased to a prospective tenant and she finds problems like cracked walls, patched paint and perhaps even leaks. You can be certain that prospective tenant does not wish to live in your home. A renovation project helps you fix all of these problems and satisfy any tenant’s inspection.

5. Avoid Future Problems

What you don’t want to happen – is to sign the contract with the tenant, and a few days later, you constantly receive calls from the tenant. She is complaining about the many problems that have cropped up since she’s started living there.

Your home should not only look good, but also be liveable. A renovation project simply fixes frequent living problems like the water heater, faulty wiring and such.

By renovating, you simply ensure that there aren’t any future problems once the tenant moves in.

If renovating your home is too time consuming or expensive, you should look at alternative Edmonton property management. For example: Rental Advisors. We are a property management service in Edmonton. Part of our job, when we acquire a new property, is to ensure that it is looks good and is liveable. Hence, if required we perform renovations.