If you’re an investor who is purchasing fixer-uppers to rehab and then rent your home in Charleston, you’re always on the prowl for new projects. However, when you’re just starting out, getting in over your head is easy. Rehabbing homes can be full of surprises that can break the bank on your budget. Overspending on a project means it will take much longer, often years or decades, to recoup the cost and start making a profit. Investors who understand the dos and don’ts of rehabbing homes can avoid the common pitfalls of house flipping.
Rehabbing Dos for Rental Homes
It is common to rehab a house or make updates before you rent your home in Charleston. There are certain things investors can always count on being successful for rental home renovations.
- Focus on structural damage, building, and housing codes first
- For Aesthetic Appeal, a fresh coat of paint to all the walls and new carpeting goes a long way
- Update cabinets to an easy-to-clean, modern, durable style
- Replace old appliances with modern, energy efficient versions
- Update bathrooms to be modern and sleek
- Update flooring, especially stained carpets or damaged laminate
If you have a lot of wiggle room in your budget, rehabbing outside space can also increase curb appeal and command a higher price when you rent your home in Charleston. Adding a deck, fresh landscaping, or a patio, new siding or paint, and more can really help increase your profits.
Rehabbing Don’ts for Rental Homes
There are some projects that aren’t the best ideas when rehabbing rental homes.
- Skip installing a swimming pool or hot tub unless you want to pay higher insurance premiums
- Don’t keep painting over the same old cabinets, tubs, and fixtures, just replace them
- Tenants do a lot of wear and tear on flooring and carpets so don’t install the cheapest option unless you plan to clean and replace the flooring frequently
- Don’t compromise quality on projects that affect safety
- Don’t go over budget and hope raising the rent will make up the costs
Working with property managers can help you determine which rehab projects are helping rentals fly off the market, and which you can skip. Let the experts on property rentals help you make the best choices for your business.
If you need property management services in Charleston, give Scott Properties of Charleston a call at 843-790-4929