Renovation and Rentals: Pointers for Success

I have always admired clients who have successfully refreshed numerous homes. And yes, it often takes more effort than it seems to on TV! The viewpoints of people who fix to flip or rent consistently for a profit is fascinating, and here are some pointers as to their success:

• Don’t cheap out on mechanical systems like furnaces, hot water tanks, plumbing, fixtures, or toilets.
• The performance of these items forms the most common reasons tenants will call you.  Install quality.
• This also goes for windows, doors, and shingles.
• When one of our clients buys a house in an older neighborhood, one of the first things he does is have the sewer line scoped and if necessary, cleaned out by a professional plumber.
• This prevents an unforeseen back- up of gray water due to tree roots or pre-existing blockages.
• If after that a tenant calls him with an issue with the sewer line, he knows they likely caused it.
• One time it was a toy truck lodged firmly in place; wonder how that got there in a household with a three-year-old boy?
• You would be surprised how many people attempt to flush materials that should have gone into the garbage bin, especially if the household has a baby with diapers.
• Spend extra money on the low flow, simpler mechanics of a higher end toilet or heavier duty faucets.
• Same with appliances.  Some are built to withstand heavy use; others look shiny when new but fail quickly.
• Of course, if the tenant skips town with the washer and dryer in their truck box, there is probably nothing you can do about it (happened two months ago to one of our clients)!
• Every fall take a flashlight and look at the furnace.  Has the filter been changed?
• Again, most tenants ignore this basic task, then complain a house is cold or drafty.
• Pack some 9V batteries with you and replace the ones in the smoke detectors. If there ever is a fire at least you won’t be vilified in the news as an uncaring landlord.
• Spend some time with a reputable flooring supplier discussing long-wearing commercial grade vinyl flooring.
• Too often, when we go through a rental property in preparation for listing it for sale, the laminate flooring that was easy to install two years ago now looks tired and worn. Quality costs more but will likely last much longer.

Nothing replaces regular onsite visits by an owner to ensure compliance. It’s your investment and needs to be managed prudently. Of course, it would be nice if renters respected the property they live in as well.