Hey there, BP! When renovating a rental property, managing costs and getting it done quickly should be at the top of your list. But don’t forget about your costs in maintaining the property long term once it’s a rental! In today’s video, I talk about ways you can smartly renovate your rental with the goal of keeping property management easy and affordable.
The first example we’ll look at is the paint (and paint colors) you’re using in your rental properties. Instead of using a different color for each property that you manage, always use the same color. This way when a tenant moves out, or you need to go in and touch up the walls, you’re not left wondering, “What color did I use for that unit?”; “Where did I store the paint cans for that unit?” By implementing this system, you’ll never have to wonder what color, or where it’s at. It’ll all be the same, no matter which of your units needs attention.
The next item that we’ll look at is your locking systems. Every time a tenant moves out, you need to change the locks for security and safety. Changing locks can be expensive if you are using a locksmith, and you’ll end up with the telltale sign a landlord: a huge wad of keys! There are technologies out there that help keep this cost at a minimum, but you need to address it during the renovation phase to get the best bang for your buck. We use a great technology that allows us to change out the core of the lock without changing the whole assembly. We also have one master key to open up everything in our portfolio. Watch the video to learn more!
The last tip is to have durable flooring. This means selecting a material like hardwood or vinyl tile and avoiding materials like carpet. You want to have floors that will be able to withstand a lot of wear and tear. Giving your floors treatments like polyurethane will help them last over the longer term. If you decide to put in carpet, keep it to the bedrooms.
The goal is to make it simple and repeatable. By making these small adjustments, you’ll be able to save money and time over the lifetime of the unit. In addition to systematizing your process, you make it easier when it’s time to turn over the unit from one tenant to another.
Check out the video to learn more!
For those of you who have completed renovations on rentals and have some tips to keep long-term costs down, share them in the comments section!