Owning a long-term rental in Seaford can be a profitable and rewarding experience. But to keep the property profitable, you’ll need to start planning various property improvements and renovations from day one. Keeping the property in good shape 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. If you take action 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.
Though each situation is unique, you might need to complete upgrades more frequently from 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 Simply replacing each element as it starts to look old or outdated is one approach, or you could lay out a timeline for upgrades to better control the costs.
Anyway, 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 begin to fade. Furthermore, 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 require regular updates. Many of the same concepts for building 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 complex, more expensive features. Things like faucets and showerheads will need to be replaced every few years, while an excellent quality toilet can last several decades or more. If your rental’s bathrooms don’t have yet 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 keep the bathroom in the greatest shape.
Flooring is another aspect of a rental house that must be replaced constantly. Laminate or vinyl flooring in kitchens, bathrooms, and other areas will typically last anywhere between 15 and 30 years, while heavy wear can have a major impact on that timeframe. Moreover, the carpet in a rental home has a useful life of about five years. While the carpet in your rental may last longer than that, it is also possible that it will need to be replaced even more frequently. Today, five years is a good rule of thumb to start with and then adjust as needed.
Besides, 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 from now and then to figure out when you need to replace it. Numerous excellent paint jobs 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 likely won’t need to be replaced for at least 25 years or more as long as there is no visible damage.
Updating your rental home is an essential part of owning a profitable property. If you take some effort 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 Seaford property managers at Real Property Management Diamond have your solution. You can contact us online or call us at 302-313-7700 to find out more information.
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