When you invest in rental property, there’s a long checklist of things that need to get done. But, not every property needs sprucing up. Some sell themselves. Others take a lot more work on your part. But how can you tell if a rental property needs a refresh from local contractors? Here are the three main signs Basic Construction wants you to look for when considering this route.
1. The Unit Remains Empty
Despite your best efforts, you just can’t find a suitable tenant. This struggle may have more to do with the look and feel of the property and less to do with the price or location. Renters expect their homes to be clean, tidy, and new(ish). So, one of the best ways to make that happen is to refresh the place. This can be as easy as painting the exterior and interior or even replacing the siding. Either way, if your unit remains empty, take this as a sign to refresh the property.
2. The Flooring is Old
Regardless of how long a prior tenant stayed, it’s always a good idea to refresh the flooring in some way. Damage can and does happen, making it vital you keep the floors looking nice between leases. If any of the bathroom floors or carpet look a little worn, it’s always best to replace them. If there is significant damage to flooring anywhere else, have it replaced to give your rental a refreshed look and feel.
3. Tenants Don’t Stay Long
Turnover in the rental property business is normal. However, if your tenants aren’t renewing longer than six months to a year, then it could be a sign the property needs a refresh. Happy tenants tend to stay put, especially when the pricing is competitive for the property. However, if your pricing doesn’t match the way the unit looks or feels, then you’ll likely lose out on reliable renters. So, if you’re looking for a way to prevent high turnover rates, then look for ways to spruce up the place.
We’re the Right Renovation Company for You
Basic Construction works solely with investors and property management. This means we know how valuable your time is and how quickly a property rehab needs to happen. That’s why we offer all of our services in-house, meaning you deal with us and only us. We work on properties throughout Indiana and nearby areas. So, whether your investment company is local or in another state, we can renovate. Submit a request with us today for painting, drywalling, or flooring, or give us a call at (317) 505-1030.