Are you planning on renovating your Central Valley rental property? If so, you’ve come to the right place!
There’s no doubt that renovating your rental property will help to increase its value but the whole project has to be done right otherwise you may end up making some costly mistakes.
In this article, we will share with you tips you should consider before renovating your Central Valley rental property.
Tip #1 – Think About Needs Vs. Wants
The first thing to do before renovating your rental property in the Central Valley is to think about needs vs. wants.
This tip is often difficult for many investors to follow because when they renovate their rental properties, they want to use the materials and appliances that “they would want to use” in their own homes when in reality those features are not what’s needed in a rental property.
Focusing on needs vs. wants will keep your costs low and also ensure that you will also be able to keep your rent low as well
Tip #2 – Consider Loss of Rent
Before renovating your Central Valley Rental Property, you should also think about the loss of rent, especially if you plan on a major renovation that can take a few months for it to be completed.
If you’re not in the position financially to have your rental property be unoccupied for the next one to three months it may make more sense for you to hold off on major renovations now in favor of smaller renovations that may only take up to one month to complete.
Tip #3 – How Will You Finance the Renovations?
Another important thing to consider before starting the renovations on your Central Valley rental property is to think about how you’re going to finance the project.
Are you planning on paying cash for the renovations? If so, then you can proceed and start making those renovations now but if you plan on financing the project, you should review your credit score and take the time to pay off some debts to boost your score so you can get approved for a loan.
Contact RPM Central Valley
To learn more tips to consider before renovating your Central Valley rental property, or to speak with us about our property management services, contact RPM Central Valley today by calling us at (209) 572-2222 or click here to connect with us online.