The first thing you need to think about when you’re considering renovations is – how will these renovations affect your property, particularly when it comes to value? You want the amount of money that you’re putting into the home to raise the value of your property proportionately.
License and Insurance
Contact three companies or contractors who can do renovations in your area, and interview them. Ask to see copies of their license, insurance and also make sure they carry workers compensation insurance. If one of their workers gets injured on your property, you will be responsible if they don’t have the right coverage.
Comparing Price and Service
Compare the bids and make sure they reflect what you want. It’s also important to make sure you’re getting the quality of service that you expect. The materials used should also be high quality. If you use something on a lower scale, you’ll probably have a lower scale outcome. Your goal is to raise the value of your property, earn more rent and get the best possible tenant into your home.
Listen to the contractors’ suggestions. Listen to what they have to say and make your decisions based on what you want. Always ask for references and when you talk to those references, find out if things were done on a timely manner. Talk about timeframes as well. If the contractor says the project is going to take a week, plan for that week. Ask references if the job took longer than expected and why.
If you have any questions about managing renovations to your rental property, please contact us at Action 1 Property Management.