Skip to main content

It Is Better To Renovate Before Renting Out After Tenants Vacate A House

 Visit Our Website 


Rental apartments or houses are left in a state of disrepair most of the time by the tenants when they move out, these make the house look dilapidated and low-valued.

A conscious effort needs to be put in place by the management company/landlord to ensure constant repairs are carried out by both the tenant and landlord as stated in the tenancy agreement. These repairs should include plumbing, wardrobes/cabinets, electrical fixtures, doors, and keys, etc. The management company/landlord should visit the tenant periodically as stated in the agreement (could be quarterly, bi-annually, or yearly). This will ensure that the house is not dilapidated. A dilapidated rental needs a lot more money to renovate the apartment or house when the tenant moves out.

In an ideal situation, the landlord will have to put things right each time a tenant packs out before letting the house out to the next occupant. Most times renovating your house before renting them out helps bring out the beauty and functionality. This has proven to help minimize rent void which the landlord may suffer. A functional house appeals to tenants who are not willing to spend too much on house repairs before moving in. It also brings general satisfaction to both tenants and landlords. This is the same reason most tenants request a newly built house from their agent while searching.

A renovated apartment/house attracts better quality tenants. These are tenants that appreciate quality and therefore take good care of your house. This kind of tenant also pays their rent on time.

 A house in a good condition requires the tenant to inspect and sign a checklist. Thereafter pay a refundable caution deposit.  This deposit is refundable to the tenant in full or parts depending on the state of the house on exit. However, this is not always the case as the caution deposit might not be enough to repair even half of the damages left behind by some tenants. This might be very discouraging to the landlord who carries out such repairs frequently due to transient tenants. A better fix to this problem is routine visits and inspections of your property and make sure all damages are repaired promptly by the tenant or landlord (depending on the nature of the damage and responsible party).

Try to select responsible tenants that will live in your house for at least 3 years, this helps to maximize your income while spending minimally on routine maintenance/renovation after every tenant vacates the rental property. A renovated house brings less maintenance for the landlord and tenant. So the landlord will have fewer headaches from tenants calling about one maintenance issue or the other.

Also, use the opportunity of a vacant house/apartment to do a thorough electrical inspection, plumbing inspection, roof inspection, sewer or septic system inspection, foundation or structural inspection, fire security, etc as per prevailing building regulations. Ensure to carry out fumigation of the roof, interior, and exterior of the house.


Disclaimer
Any views or opinions represented in this blog belong solely to the blog writer/owner and do not represent those of people, institutions or organizations that the writer/owner may or may not be associated with in professional or personal capacity, unless explicitly stated.
Any views or opinions are not intended to malign any religion, ethnic group, club, organization, company, or individual. All content provided on this blog is for informational purposes only. The writer/owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site.
The writer/owner will not be liable for any errors or omissions in this information nor for the availability of this information. The writer/owner will not be liable for any losses, injuries, or damages from the display or use of this information.
Comments are welcome. However, the blog writer/owner reserves the right to edit or delete any comments submitted to this blog without notice due to:
- Comments deemed to be spam or questionable spam.
- Comments including profanity.
- Comments containing language or concepts that could be deemed offensive.
- Comments containing hate speech, credible threats, or direct attacks on an individual or group.
The blog owner is not responsible for the content in comments.

This blog disclaimer is subject to change at any time.
Labels:

Comments

Post a Comment

Other interesting posts

Investing in real estate properties: Successful startup and growth strategies

Visit our website In general, those who embark on life endeavors with a good strategy have the odds stacked in their favor to succeed. When starting off as a real estate investor (full time or as a side hustle), a good strategy or road map is outlined below: Stage 1 : Startup  Stage 2 : Growth Stage 3 : Financial Freedom Stage 1: Startup You can start with your personal savings or with a loan. Note that you need to be careful about starting a business or real estate investment with loans. Discuss with your financial planner/adviser before making the decision to invest a loan on rental property. There are 3 options for stage 1: a.   Purchase a piece of land and resell for a profit. Reinvest the original capital and profit. Search for good deals on land/property purchases (buy at a price below current “fair market value”), this way, you make some profit on the day you close-out the real estate purchase. b.   Purchase a piece of land an...
1 comment
Read more

Return on Investment (ROI) vs. Property Appreciation

  Visit Our Website  Real estate investment has long been a popular choice for those seeking to grow their wealth. However, real estate investment strategies can differ significantly depending on the investor's goals. Two of the most common metrics used to evaluate the success of a real estate investment are Return on Investment (ROI) and Property Appreciation. While both are crucial for understanding the profitability of real estate, they represent different aspects of investment performance. This article will explore the differences between ROI and property appreciation, how they are calculated, and the factors influencing each.   Return on Investment (ROI) is a measure used to evaluate the efficiency of an investment or compare the efficiency of several different investments. In real estate, ROI specifically measures the return an investor earns on a property relative to the property's cost or total investment cost(down payment, closing cost, or cash).   How to Ca...
Post a Comment
Read more

Real Estate as a Store of Value

Visit Our Website Store of value is a function of an asset that can be saved, retrieved and exchanged at a later time without any risk of losing it and also retains its purchasing power into the future. Wealth is the total of all stores of value monetary and non-monetary assets. The most common store of value in modern viewpoint has been currency, precious metal (Gold, silver etc.) and real estate. The underlying reason for using this storing medium is that it has a better way of managing the risk associated with it. Most people would say money is one of the best ways to store value because of the ease of exchanging it for other goods and services without time wastage, but it can quickly be affected by hyperinflation mostly in developing world. However, real estate is a better means of storing value for investors if the property is strategically located in choice areas, well-built (architecturally and structurally) and free from any form of disaster. A good house will gain ...
8 comments
Read more

Liquidity of Real Estate and What You Should Consider

Visit our Website It is very important for an investor to consider expected yield and liquidity before investing in a real estate asset (land, buildings and estates). Any asset that can be ex-changed for money has a certain level of liquidity. During your ownership of real estate, the yield (rent) creates revenue and cash flow. However, your ability to sell your real estate at a reasonable price and in a timely manner is determined by liquidity. So what is liquidity? Liquidity describes the ease at which an asset or security can be quickly bought or sold in the market without affecting the asset’s price. Money or cash is considered the most liquid asset because of the ease of exchanging it for other goods or services, while real estate, securities, fine art and collectibles are all relatively illiquid. Typical order of asset liquidity are currency, securities (stocks, bonds and treasury bills),Precious metals (Gold, Silver, Palladium, platinum etc.), real estate and A...
2 comments
Read more

Cleanliness in Rental Properties

    Visit Our Website  Cleanliness in rental properties is a fundamental aspect that significantly impacts the well-being of tenants. A clean living environment not only enhances the aesthetic appeal of the property but also contributes to the physical and mental health of the residents. If sanitation is not well coordinated and enforced could lead to tenants not taking responsibility to ensure a clean environment. In this write-up, we will explore the importance of cleanliness in rental properties, its impact on tenants, and the responsibilities of both landlords and tenants in maintaining a clean living space. Health and Hygiene: Clean living spaces promote good health and hygiene among tenants. Regular cleaning and maintenance prevent the accumulation of dust, mold, and pests, reducing the risk of allergies and respiratory problems. A clean environment also decreases the likelihood of diseases spreading, creating a safe and healthy atmosphere for all residents. Psychol...
Post a Comment
Read more