If your Spokane 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. But before diving into a deck or patio renovation project, be sure to know the following.
Know Your End Goal
Before renovating your rental home’s deck or patio, you must have a clear idea of why you are renovating and what you hope to accomplish. Is the purpose of the updated deck or patio to attract new tenants? Are the renovations designed to keep a current long-term tenant happy? How will your tenants use the deck or patio? You also have to decide if your deck or patio needs a complete overhaul or just cosmetic updates.
To provide the best return for your investment, a good rule of thumb is to aim for renovations that will renew the space using durable, mid-grade materials. 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. At the same time, restrain the urge to splurge. 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. If you hire a good contractor with local experience, they can tell you which permits you to need and may be able to obtain them for you. But make sure that you have all the required permits and permissions before work begins. Not being able to do so 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. How much of these three do you have? Carefully consider these 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. Together with the tenant in the rental home, you should work out a timeline to restrict their use of the property as little as possible. It is important, to be honest regarding how much time you can spend renovating the deck or patio if you are getting your property ready for a new tenant, as your cash flows could start to suffer. Finally, be sure to 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, as well as adding value to your rental property. If you’d like more advice from a professional property manager in Spokane, contact us online or call us at 509-462-1042 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.
