Owning a long-term rental in Loveland can be a profitable and rewarding experience. However, to keep the property profitable, you’ll need to start planning various property improvements and renovations from day one. Keeping your property in good condition means periodically updating the kitchen, bathrooms, floors, and exterior. How often should you renovate?
The kitchen is one of the most important rooms in any house, rental, or otherwise. Most kitchens see constant use, whether tenants are simply cooking a meal or using it as a gathering space for friends and family. Once you make a way to do regular maintenance on your kitchen cabinets, floors, countertops, and appliances, the chances are that your rental property’s kitchen will stay in good condition anywhere between 10 and 15 years.
Be that as it may, each situation is unique, and you might need to complete upgrades more frequently than that. Appliances are typically built to last about seven years, while cabinets and countertops might hold up a little longer. Simply replacing each element as it starts to look damaged or collapses is one approach, or you could lay out a timeline for upgrades to better control the cost.
In any case, it’s important to consider how your future tenants may respond to current trends in style and décor. A kitchen with a trendy look may attract tenants in the short term, but that attractiveness may soon lessen. On the other hand, experts recommend choosing colors and durable materials that feel both up-to-date and timeless.
Bathrooms are another heavily used area in your rental house that will need regular updates. Several of the same principles of making a sturdy, appealing kitchen can be applied to a bathroom as well. Good quality, mid-grade fixtures, and materials will hold up better in a rental home than complicated, more costly products. Things like faucets and showerheads will need to be replaced every few years, while a premium quality toilet can last several decades or more. If your rental’s bathrooms don’t already have durable, easy-to-clean tile or solid surfaces in and around the bathtub, shower, and so on, consider planning to upgrade to prevent mold and water damage and to maintain the restroom in perfect condition.
Flooring is another aspect of a rental house that must be replaced regularly. Laminate or vinyl flooring in kitchens, bathrooms, and other areas will typically last anywhere between 15 and 30 years. However, heavy wear will have a major impact on that timeframe. On the other hand, carpet in a rental home has a useful life of about five years. Though the carpet in your rental may last longer than that, it is also possible that it will need to be replaced even more frequently. After all, five years is a good rule of thumb to start with and install a new one if required.
Lastly, most homes will require the exteriors to be updated regularly as well. If your rental property has stucco or painted wood exterior, you will need to check the condition of the paint occasionally to determine when it is necessary to renovate. Almost all quality paint works on both wood and stucco will last around seven to 10 years, although the frequency varies depending on your climate. Vinyl siding and stone will last much longer with regular cleaning, and probably you don’t need to replace it for a minimum of 25 years or more as long as there is no significant damage.
Updating your rental home is a key component of owning a profitable property. If you take the time to plan and budget for different upgrades every few years, you can keep your cash flows steady and your investment increasing in value.
Whether you own a newly renovated rental property or need some guidance on how to update it, the Loveland property managers at Real Property Management of the Rockies have your solution. You can contact us online or call us at 970-658-0410 right away.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.