If your Brownsburg single-family rental home has an old deck or patio, you may be planning to renovate it. Savvy investors recognize that having an updated outdoor space could greatly increase both your property values and your rental home’s appeal. However, there are a few things to know before getting involved in a deck or patio renovation project.
Know Your End Goal
Before renovating your rental home’s deck or patio, it’s essential to initially have a clear idea of why you are renovating and what you hope to accomplish. Do you intend to utilize the updated deck or patio to attract new tenants? Are the renovations designed to keep a current long-term tenant thrilled? How will your tenants use the deck or patio? Is your deck or patio ready for a complete overhaul, or does it just require cosmetic updates?
A good rule of thumb is to aim for renovations that would renew the space using durable, mid-grade materials that will indeed provide the best return for your investment. A complete deck or patio renovation is an expensive endeavor, but the long-term gains might make such an expenditure worth it. On the other hand, it’s necessary not to go very big or spend too much. Assuming you do, you may never recover the cost. Examine some comparable properties in your place to acquire a sense of how a renovated deck or patio could assist you to optimize your rental rate and future returns.
Know Which Permits You Need (If Any)
In various locations, anyone desiring to build or renovate exterior areas of a property should acquire certain permits. This is frequently 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 aid you to identify which permits you to need and may even be able to obtain them for you. Nevertheless, it is up to you to ensure that you have all the required permits and permissions before work begins. Not doing so might 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. Anyhow, it will equally occupy space, time, and money. Before you start a renovation, you’re supposed 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 would create the most attractive space possible.
It’s moreover important to assess the time and money you have available for the project. If you have a tenant in the rental home, you have 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 regarding how much time you can spend renovating the deck or patio before your cash flows start to suffer. In the long run, always remember to 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 luxurious. You can make a functional, visually appealing space with just modest renovations.
By initially gathering the information you’ll require, your deck or patio renovation project can truly be a functional and financial success, adding value to your rental property. If you’d like more advice from a professional property manager in Brownsburg, contact us online or call us at 317-420-8500 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.
