The goal of buying a rental property is to make money, but that’s not every landlord’s reality. It can sometimes seem as though you’re forever spending money on it, offsetting any gains you’ve been steadily making.
While many factors contribute to the profitability of a rental property, its durability is a major one. You may spend less on maintenance and repairs over your years of ownership by prioritizing these home renovation tips:
Invest in Quality Fixtures and Fittings
One of the many roles and responsibilities of a property manager is to handle maintenance and repairs. If you find they’re continually having to organize new fixtures and fittings because old ones are wearing out, it’s time to invest in quality.
While purchasing top-of-the-line products for a rental may seem counterintuitive, there is certainly value in doing so. The more robust the materials and the more well-made the product, the longer it lasts, and the less frequently you need to replace it.
Install Durable Flooring
Out of all features in a rental property, flooring is the most heavily used. Over time, carpet and older flooring materials can start to show wear, particularly in high-traffic areas.
While professional flooring replacement is expected in any rental after years of ownership, it may be required less frequently if you’re mindful of the materials you choose. Many landlords opt for luxury vinyl plank, hardwood, laminate, or commercial-grade tile in their rental properties to make them low-maintenance and highly durable.
Be Choosy with Countertops
Your goal might be to spend as little as possible renovating your rental property’s kitchen, but that’s not always the best approach. The less it costs, the less durable the materials and fixtures often are, and the more maintenance you may need to perform over its lifetime. The same goes for countertops.
Kitchen countertops don’t just tie a kitchen’s look together; they are also the most heavily used component. If they aren’t made of robust materials, they won’t remain in excellent condition for long.
When installing a new kitchen, choose hardy materials like sintered stone and quartz. Quartz boasts incredible stain and scratch resistance and zero maintenance, while sintered stone materials handle high heat and are considered virtually indestructible.
Be Mindful of Paint Finishes
Scuffs and marks on walls are often unavoidable, and rentals are no different. However, you may spend less time and money repairing and maintaining your rental property’s walls if you consider durability when painting them.
Prioritize surface preparation for a durable finish and opt for a high-quality, scrubbable paint that’s easy to clean and hard to mark. There is also value in choosing a single neutral paint color throughout the home, so touch-ups are easier when needed.
Provide Quality, Essential Appliances
Entry-level appliances are easy on the wallet to begin with, but they may not stay that way for long. The more affordable they are to buy, the more frequently they require repairs in many cases. Choose quality essential appliances, such as a stove and dishwasher. You may also choose not to install non-essential appliances that are easily damaged by misuse, such as a garbage disposal.
Just as there is no way to avoid wear and tear in the home you live in, there’s no way to avoid it in a rental. However, by being mindful of your renovation choices and opting for high-quality finishes and features, you may spend more time enjoying your profits and less time spending them on repairs.