Remodeling a Rental Unit

There are all kinds of investments and business ventures out there. Investing in property can be a very successful venture. If you choose to rent out the property before you sell it, you can increase your return significantly. You will certainly need to renovate a rental property at some point over its lifetime - if not directly after you buy it, then down the road as the wear and tear from tenants adds up.

When you decide to renovate a rental property, you want to focus on appealing to quality tenants. What we mean is tenants who are financially stable and will likely not put too much wear and tear on your property. For many landlords, this is a family. Appealing to families is not difficult; it just takes focus. Think about what rooms of the house are important to a reliable family.

Consider the Bathroom

The bathrooms are possibly the most used rooms in a home. Most rental properties that are sized for a family will have two bathrooms. Both should be appropriate for their intended users.

A well remodeled master bathroom will appeal to the parents (you know, the ones paying the rent). Don't go overboard on cost, but do update the bathroom fixtures. Install a good sized tub for baths and two sinks. This will make the bathroom efficient while parents are getting ready for work and effective when mom wants to soak in a bath.

The kids need nice fixtures, but you can get away with spending less than you did on the master. You only need a single sink, a modern toilet and a shower/tub combo. Little kids like baths, so a shower stall simply will not do. Have a reputable handyman install or convert a new bathtub if needed. Otherwise ensure that the materials that you are using are nice so that you can appeal to a family with a reasonable income, but not so nice that you are throwing money away. After all, you do not live there.

As important as flooring and trim are, focusing on the areas of the house that matter to families is a good way to make a quality tenant put in a rental application with you. You can rent out houses or condos. Be aware that a condo will require a monthly fee in most cases - which raises your operating costs - but will require less maintenance down the road. Considering the current housing market, you can find deals on condos and houses in every area of Florida, whether you are looking at a foreclosure in Sarasota or a short sale in Bradenton.

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