There are all kinds of great reasons to renovate or remodel your condo or rental property. Not only do renovations make your property more desirable to future tenants, but they can also reduce maintenance costs, allow you to charge more for rent, and even raise the property value in the long run.
But renovating and remodeling also comes with costs; financial and otherwise. As our condo property management team has learned, not every remodeling project brings the same balance of risk and reward.
How to Prioritize Landlord Condo Renovation and Remodeling Projects
Choosing the best renovation projects
It’s important to focus on the jobs that can give you the best ROI, or return on investment. If you’re a landlord and you’re planning some condo renovations, these are some of the projects you might want to prioritize first:
- Start small. If major renovations feel like an overwhelming undertaking, don’t worry. Small remodeling projects can make a huge difference, and you can really freshen up your space simply by changing light fixtures, updating cabinet hardware and applying a fresh coat of paint.
- Install new flooring. One of the best remodeling projects to quickly improve a space and make it more appealing is new flooring. This is especially the case if your property currently has outdated flooring like wall-to-wall carpeting, which today’s tenants tend not to prefer. Luxury vinyl flooring looks better and is easier to clean and maintain.
- Renovate the kitchen. Kitchens are widely considered to be the most important room in the house, and can make or break whether a tenant will choose your property. Renovating the kitchen can be a major investment, but also one that brings the greatest reward. Younger tenants in particular are increasingly demanding efficient, modern kitchens.
- Update the bathroom. An old, outdated bathroom is one of the biggest turn-offs for tenants. Luckily, remodeling a bathroom is often surprisingly affordable, making it a project with great ROI.
- Make some exterior upgrades. Let’s not forget about curb appeal. A property’s outdoor area has a major impact on property value and desirability for tenants. New windows and doors, fresh paint, healthy grass and lively trees and shrubs make a world of difference.
- Add amenities. In lieu of investing in major renovations, adding a few upgraded amenities can give any property a boost. New air conditioning, washers and dryers, improved storage space and new energy-efficient stoves, refrigerators and dishwashers can make your property really stand out.
Considerations for condo remodeling
Remodeling a condo comes with some extra considerations compared to renovations on an ordinary rental property. Be sure to take the following into consideration before getting started:
- Know your HOA rules. Condos are typically part of some kind of homeowner’s association, which often have strict rules when it comes to remodeling and renovating. Be sure to investigate what you are and aren’t allowed to do – breaking the rules can lead to fines.
- Allow time for the process. Getting permission to make changes to a condo may take time, so be sure to adjust your timeline accordingly. HOA approval and building permits are a couple of the major things you may have to wait on.
- Get everything in writing. Don’t start a condo renovation project based on a handshake or verbal agreement. Fines and penalties for violating HOA regulations can be hefty, so always get approval for renovations in writing.
- Work with pros. Condo renovations may not be something you want to tackle on your own. Consider working with a condo management company to help you navigate the process.
Want to learn more about how to prioritize condo renovations and remodeling projects? Contact us today to talk with our team of condo property management professionals.