Know Your End Goal
Before renovating your rental home’s deck or patio, it is a must 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? Depending on the appearance of your deck or patio, should you have a complete overhaul or just some cosmetic updates?
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. But you also have to remember not to go too big or expensive. If you do, you may never recover the cost. Examine similar properties around your area to 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)
As with most areas, whoever wants to build or renovate exterior areas of their property needs to acquire certain permits. This is mostly true especially in urban or residential areas, or for properties governed by a homeowner’s association. Hiring a good contractor with local experience could prove beneficial for you as they may be able to advise you regarding which permits you need and they may even 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 planning and trustworthy contractors. Aside from that, it also needs space, time, and money. Before you start a renovation, carefully consider how much you have of these 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 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. It is important, to be honest about how much time you can spend renovating the deck or patio if you are getting your property ready for a new tenant before your cash flow starts 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, going too lavish or expensive is not necessary. A functional, visually appealing space can still be achieved even with modest renovations.
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 Shelburne, contact us online or call us at 802-861-6468 today.