How Much Would You Spend to Renovate a Rental Property?

To be honest almost always spending that little bit of extra money on things at the start helps you out in the long run. It's not just for renovations either, for example, buying a new expensive very energy efficient fridge will save you money in the long run on electricity bills, and will last you longer than a cheaper one (usually).

 

Thank you for shedding insight on that, will be keen when out shopping for a refrigerator, and any other electrical appliance, for i like conserving energy, it does help a great deal when lowering costs.

 

I would not go for cheap stuff , because at the end of the day it is my property and it is me who willl have to keep on renovating, but yet at the same time I will not go for the most expensive, I would do what is manageble and put my rental property at a price that would refund me my money.

 

For me I'd put in as much as I expect to get back. If I'm renovating property and raising the rent, then I'd make my calculations to see how soon I'd get my money back because unless it's absolutely necessary, renovation should be like some kind of investment. 'Gild' the house a little bit more and make a lot more from the small improvement.

 

There is one principal that work in everything in life; cheap is expensive. Since this is your property, you should renovate it to your taste. Make sure to ask for a refundable deposit from your tenants so that it can cover repairs if they damage your property. If you use cheap materials, a tenant will keep calling you for repairs. Some tenants can be very insistent making you lose sleep.

 

My budget would really just depend on the specific rental. Some are worth putting more money into and some are not. It really just depends on how much the property is worth.

 

Exactly jason, the money I would spend would depend on the time it would take for me to get it back, so if I could increase the rent I wouldn't mind making a good investment.

 

Wonderful advice there Muthoni....something to consider when i start renovating, funds have been a bit tight but things are coming around, although, it would be good to look for materials that are not overly priced, same applies to the repairmen on the ground

 

It is very difficult to say what kind of material should be used to renovate a rental property as you never what would be the condition of the property after renting it. I would never be too generous on spending very well for renovating the place. It all depends on the kind of tenants that I would be getting. If the tenants are someone close to me and I know them very well, then I would never mind spending as much as required. Otherwise I would be very careful while spending on the property.

 

This depends on so many factors. For example, if it's a house that I intend to live in again in the future or that I vacation in every year, then I would use better materials. If it's a house that I will only use for renting, then I'd use cheaper materials. However, if the house is situated in an affluent neighborhood and I am looking to rent to affluent people, then I would renovate at a more expensive level. It doesn't have to be the top of the top, but it has to look and function good enough to attract that kind of people.