Renovations and Upgrades to Reduce Future Wear and Tear

If you want to attract the best tenants in a crowded market everyone will tell you to focus on renovations and upgrades. However, there’s something important to consider — renovations take time, and even the cheapest ones are pricey. 

The worst thing you can do is skimp on costs, especially maintenance services affecting major systems. So, what should you do? 

Your best course of action is to focus on the renovations that provide the most value in the long run. There’s stuff you can do to minimize wear and tear and ensure minimal maintenance costs down the line. If you own or manage multiple properties, this approach is even more useful. 

With that in mind, let’s check out some areas you can focus on to make your property easier to manage in the long run. 

Make Low-Cost Upgrades

Besides curb appeal, the interior of your property is important as well. It’s not an urgent repair but it can add value to your property. 

How do you improve the interior without spending a bunch of money? It’s easy — find some affordable second-hand furniture. However, be sure to factor in how you’ll secure and move the furniture. This can be harder in markets like NYC, where you’re less likely to have a vehicle to haul any thrifted treasures. However, you can find furniture moving pros in Queens/NYC to relocate the things you’ve bought for you. 

When you buy second-hand furniture, you’re not necessarily reducing the risk of wear and tear — but you’re reducing your own expenses in the process. If something breaks, you won’t be losing tons of money on a replacement, which you can find in the same markets. This can be very useful for renovations and upgrades.

Change Your Water Heater and Furnace

Before you rent out the property, take a look at its furnace and water heater and see if they need to be replaced. Also, if you’re not sure of your own assessment, consider calling a professional for their opinion on renovations and upgrades.

Generally, many service technicians will tell you that water heaters should be replaced every 15 years. Unfortunately, it’s something most of us don’t do. However, leaving an old and potentially faulty water heater on the property can result in severe costs down the line. 

For example, if it’s in the attic, serious leaks could force you to renovate the entire property. Additionally, you wouldn’t be able to rent it out in the meantime. 

With this in mind, it’s better to be safe than sorry. And you don’t want to spend too much money on repairing an old heater — if it’s a serious malfunction, the repair will cost almost as much as buying a new one. Plus, new water heaters often have a warranty from the manufacturer that lasts years. This may give you some peace of mind and reduce costs on wear and tear.     

Install Durable Flooring

Let’s face it: you can’t do much to reduce the foot traffic from tenants in rental properties. Plus, everyone has visitors from time to time. And factor in the fact that tenants will be less cautious with the flooring because it’s not theirs. All things considered, floors in any rental property are at high risk of wear and tear. 

Once visible signs of damage appear, you will be responsible for making repairs as a landlord. However, if this happens often and at multiple properties, you’ll lose time and money. 

Fortunately, there are things you can do to increase the durability of your floors. These days, flooring materials that are made to last longer than average aren’t that expensive — even with high foot traffic. 

To ensure you won’t have to make repairs to the flooring any time soon, consider installing:

• Hardwood
• Laminate
• Vinyl
• Tile
• Linoleum 

Some of these options are more expensive than others. But they’re all durable and reasonably affordable. Even investing in hardwood floors can make sense if you’re renting a more luxurious property. 

Still, the most important thing is that these materials are scratch-resistant, reasonably waterproof, and not that difficult to install. 

Making Future Flooring Repairs Cheaper

When you’re choosing the style and color of your new and durable floors, make sure it’s something popular. Resist the urge to focus solely on aesthetics. Otherwise, if you need to make repairs in the future, you may not be able to find the same materials easily. Even if they’re available somewhere, you’ll end up overpaying. 

Choose an evergreen style that doesn’t go out of fashion. And if your budget allows it, buy more flooring material than you need and keep a few extra boxes. If you need to repair a small floor patch in the future, you won’t have to go out and buy the material at higher prices. 

Repair the Roof

Your rental property should always have a stable, undamaged roof. After all, it separates your tenants and their belongings from the outside weather. Plus, a damaged roof can severely reduce your property’s rental appeal — making it one of the highest-priority renovations and upgrades.      

Importantly, a leaky roof also means more expensive repairs down the line. If you leave them unchecked, even the smallest leaks will leave plenty of water damage on your property. 

The urgency of roof repairs depends on your local weather and climate. If you live in a colder area with harsh weather conditions, roof repairs quickly become one of your biggest priorities. 

If you use durable materials, you will significantly reduce wear and tear and your expenses. In areas without harsh weather, a high-quality roof lasts decades without any major repairs. 

Check the Electrical System

Most tenants and landlords alike ignore electrical wiring in properties. After all, it’s not something you consider until you start having power issues. Plus, most of the electrical system isn’t visible, so it’s easy to forget. 

However, as a landlord, you need to ensure a property’s electrical wiring is functioning properly before renting it out. Ignoring the state of the electrical system will cause more frequent repairs in the future. Plus, malfunctioning electrical systems are a safety issue that could even open you up to liability. 

The best thing to do is to hire a professional electrician to check out the system for you. They’ll know what needs to be replaced or repaired. Plus, you may want to install a newer electrical panel to avoid costly repairs down the line. 

Wrapping Up

Always perform urgent renovations and upgrades on time. Beyond that, consider which upgrades could reduce your maintenance cost and time down the line — and your properties will become much more profitable in the long run.