If you’re a landlord, the process of renovating your rental space to attract new tenants without breaking the bank can feel like a daunting task. Renovations need to be done quickly and cost-efficiently to minimize downtime between tenants while following building codes and safety regulations.
- Start by making a list of any repairs or improvements that need to be done before the next tenant moves in. Consider both safety regulations and any aesthetic upgrades you would like to make. Once you have your list, prioritize it by which repairs or upgrades need to be done first. This will help you focus on what needs to be done immediately and what can wait for later.
- Review local building codes in your area to make sure any renovations you do are compliant. Take time to familiarize yourself with safety regulations as well, such as ensuring handrails on stairs and smoke detectors throughout the rental space.
- When it comes to materials, opt for cost-effective solutions that don’t compromise quality or safety. Look for places where you can save money without sacrificing the end result. For example, purchasing standard paint and simple fixtures such as cabinet knobs may be more cost-effective than luxury finishes.
- Finally, keep communication with your tenants open and honest throughout the process. Renovations can be disruptive, so make sure to provide them with ample notice if you plan to access their rental space for repairs or upgrades.
For larger projects such as plumbing or electrical work, consider hiring a professional to ensure safety and accuracy. However, if you’re confident in your skills, there are plenty of DIY tutorials online that can help you do the job yourself.
Ultimately, however, your most important consideration should be longevity and durability. If you want this rental space to be a long-term investment, then the repairs or upgrades you want to make should be worthy of your time and the tenant’s rent.
Cheaper solutions or parts might save you some money in the short term, but they’ll break down and need to be replaced sooner, costing you more time and money in the long run. Better to install one high-quality, expensive replacement once than have to replace the same cheap part over and over. This is especially true of parts that you hire someone else to install for you, as installation and repair fees can start to add up quickly.
Not only are cheaper solutions likely to fail sooner, but it’s harder to predict when they’ll fail. Unexpected breaks or failures aren’t just a problem for you, they can also seriously inconvenience your tenants, damaging your reputation with them and potentially costing you stable renters.
By taking the time to plan renovations carefully, you can make sure your rental space is both safe and attractive for future tenants without breaking the bank. Renovating quickly and cost-efficiently is a great way to minimize downtime between tenants while still following building codes and safety regulations.
Renovation and refurbishment are some of the main services we’re proud to offer here at Bilt. We’ve worked with property owners to refurbish and renew commercial and residential spaces throughout Edmonton and beyond.
Whether you’re just getting started as a new landlord or property owner and don’t know where to begin or a seasoned property manager with a detailed plan already prepared, we’d love to help you bring new life into your space.