If your Broken Arrow single-family rental home has an old deck or patio, chances are, you may be planning to renovate it. Savvy investors know that having an updated outdoor space can greatly increase both your property values and your rental home’s appeal. Here are a few things you should know before diving right into a deck or patio renovation project.
Know Your End Goal
Before renovating your rental home’s deck or patio, it is best to have a clear idea of why you are renovating and what you hope to accomplish. Is the goal of the updated deck or patio to attract new tenants? Are the renovations designed to please a current long-term tenant? How will your tenants use the deck or patio? Should it be a complete overhaul or just cosmetic updates for your deck or patio?
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 is an expensive endeavor but it could make such an expenditure worth it, especially when considering the long term gains. 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)
In most areas, whenever someone wants to build or renovate exterior areas of a property, they will need to acquire certain permits. This is almost always the case in urban or residential areas, or for properties governed by a homeowner’s association. Hire a good contractor with local experience as they can easily tell you what permits you need and they might even be able to obtain them for you. But you have to see to it that you have all the required permits and permissions before work begins. Forgetting 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. In addition to that, it will also take space, time, and money. Carefully consider how much you have of these three before you start a renovation. 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. Work out a timeline with the 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. Lastly, create a realistic budget for your deck or patio renovation and a contractor willing to stay on budget. For most rental homes, you don’t need to go lavish or too expensive. You can build a functional, visually appealing space 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 Broken Arrow, contact us online or call us at 918-532-7020 today.
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