Carrying out renovations is often a demanding task for landlords and property owners. This is even more so when the renovation in question is a rental renovation.
There is so much more to consider when renovating rental properties that things can often get overwhelming. Are you a landlord or property owner currently experiencing such issues? Below is a step-by-step guide to employ when renovating rental properties.
Carrying out renovations is often a demanding task for landlords and property owners. This is even more so when the renovation in question is a rental renovation.
There is so much more to consider when renovating rental properties that things can often get overwhelming. Are you a landlord or property owner currently experiencing such issues? Below is a step-by-step guide to employ when renovating rental properties.
Step 1: Assess Your Property Thoroughly
One of the major causes of failed renovations of any type is inadequate property assessment before beginning the renovation process. Without assessing your property thoroughly before you begin making plans to renovate it, chances are your renovation plans would be inefficient at best. You’d probably end up spending money renovating parts of the property that didn’t really need renovating while leaving out those parts that do.
To avoid this, thoroughly assess the property to be renovated, taking note of every part of the property that needs repair, replacement, or upgrade. These parts of the building should be the major focus of your renovation plans. Once those have been taken care of, you can then proceed with making other minor changes to the rest of the building.
When assessing your buildings for renovation, it is important to employ the help of experts to provide a more informed assessment of the building. Employing the expertise of property management companies is the right way to go about this.
Step 2: Take Account of Your Budget
Every property owner wants their building in as great a shape as possible. We want to mend every crack, fix every leak, and change any fading paint. Unfortunately, this is not always possible as the cost to get all we want to be done is often more than what we can spare. This is why taking account of our budget is of such importance.
Before you begin making plans for carrying out your rental renovations, it is essential to take into account what you have budgeted for the renovation. How much are you willing to spend? How much extra can you afford to add to that amount if you have to? You’d want to not just ask yourself these questions but also provide as accurate an answer as possible so as to provide yourself with a realistic expectation of your renovation.
Step 3: Start Making a Renovation Plan
Once you have a clear understanding of what parts of your property need renovating, as well as how much you have to spare for making said renovations, it is time to start making your renovation plan.
When making your renovation plans, it is important to take note of what you want out of your renovation. This means determining what changes you want to make and then taking note of what can be realistically accomplished based on the budget you have. If you are ready to spend as much as it takes to get all the changes you want to be done to your property, then this might not be of any importance to you. If you however need to work on a budget however, then making these plans is of absolute importance.
That being said, it is important to bear in mind that the renovation plan mentioned here isn’t the same as a home renovation project plan. Instead, it is just a simple plan that lists out what things your renovation attempts would focus on based on the budget you have allocated. The actual renovation project plan comes later.
Step 4: Get in Touch With the Experts
Once you have a vague plan about what your renovation would entail based on the budget you have, it is now time to get in touch with the experts. We recommend that you get in touch with property management experts to help you oversee the entire home renovation project from start to finish, though you could also choose to manage the entire project on your own. If you would be choosing the latter, however, you’d have to get in touch with the various professionals who will handle the individual aspects of your renovation.
Once you get in touch with the right experts, all you need to do is explain your renovation plans to them. From there, they’d create the actual home renovation project plan which will detail everything about how the entire renovation project would go.
Step 5: Inform Your Tenants
Now, this is where rental renovations vary from regular home renovations. Since where you will be renovating is a rental, and it isn’t occupied by you and your family, you’d want to inform those who actually live in the building which is about to be under renovation; your tenants.
Notify your tenant beforehand about the upcoming renovation. Preferably, give them ample notice before any renovation efforts even begin in the first place. This is especially important when the renovation is going to be a big one. You want to make sure to give your tenants ample time to prepare for whatever inconveniences might happen as a result of the renovation process.
Step 6: Get Started
Once everything else is done, it is now time to get started with the renovation process. If you have experienced property managers handling your renovation process, this is no big deal as they would handle the entire project. If you choose to manage the renovation project yourself, however, then you’d most likely be busy throughout the renovation. If you would rather not go through all that trouble, we recommend that you get yourself professional property management experts to help with your renovation.
Looking for the right experts in Birmingham to help with HMO and Serviced Accommodation management? Our team of experts at Prem Property are always available to lend a hand.
Book a free consultation and we’d help you plan out and supervise your rental renovation project, leaving you to enjoy a stress-free renovation.
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