Are you tired of unending rental property maintenance and looking for a lasting solution? Perhaps you must improve your property’s value and raise the rent? Tenant turnover can be a nightmare, and a landlord’s dream is to have happy tenants and full occupancy. While home improvement for rental properties can add value, it can be stressful for the landlord. Where do you start? Do you need permits for rental home improvements in Waukegan? How much will it cost to remodel a rental property? All these and many other questions could be running through your mind. Luckily, this article is a complete home improvement guide for Waukegan rental properties, and it helps you understand the rental property improvements that add the most value.
Home improvement guide for Waukegan rental properties.
Navigating a rental property renovation can be challenging, albeit costly. However, rental remodeling is necessary to keep your property in excellent condition and offer the best value to your renters. This will eliminate the constant need for minor repairs that cost time and money.
Plan and budget
With renovation materials costs going up daily, planning and budgeting are important to get the best value for your investment. First, it is crucial to identify the priority rooms you want to upgrade on your real estate. Rental property evaluation is an excellent way to identify areas that need improvement. Check the siding, roofing, porch, gutters, landscaping, and air conditioning. Move to the interiors and evaluate the kitchen and bathroom conditions. Do you need to install new plumbing or electricals?
You can plan for the materials, create a project time frame and hire the right handyman. Consult an expert for accurate costs to renovate a Waukegan rental property. Notably, plan for the debris disposal because it will be a big part of the home improvement project.
When designing a budget, it is important to explore various financing options, compare rates from multiple remodelers, and budget for miscellaneous.
The first thing is to discard all the junk on the property. Uncollected garbage can be a major obstacle and can crimp your plans. Furthermore, the debris can make the rooms stink and create a poor working environment for your contractors.
You can outsource the junk removal to save time; waste disposal is a manual job that’s not worth your hourly rate, and team TKG Services is here to help you.
Upgrade the interiors
Potential tenants focus on the kitchen, bathrooms, bedroom space, closets, and garage when shopping for a new home. These are the rooms people spend time in the most, and it makes sense to keep them to the highest standards possible.
Upgrade kitchen tops with stain, heat, and scratch-resistant materials like engineered stone. Also, upgrade the cabinets and hardware and add a new coat of paint. Consider replacing the backsplash and the flooring and check the windows.
A lighting upgrade is another home improvement to make for your rental property. Additionally, consider upgrading the bathroom with a new toilet, tub, faucet, vanity, etc.
Facelift the exteriors
Exterior home upgrades are just as important as interior ones. A damaged roof, siding, and overgrown lawn can hurt your property’s integrity and turn potential renters away. Landscaping upgrades like pruning, trimming, and raking can improve your property’s curb appeal. Also, you can install water features for beauty and maintain your rental property’s garden. Consider replacing the siding and doing a paint job to improve the overall look.
Can you write off improvements on your Waukegan rental properties?
Home improvement for a rental property is a major investment, and IRS treats it as a capital investment. You can deduct expenses on significant upgrades that improve the home’s value or adapt it to new changes.