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Key Things to Consider When Renovating Investment Property

Key Things to Consider When Renovating Investment Property

Renovating an investment property can be a hurdle for property owners. Although it might be a challenging experience, it is well rewarding to get it done the right way. You have to consider some things if you want to renovate your property. This knowledge will help you make your renovations top-notch.

Common Renovations People Do

Before you start your renovation, you must consider common renovations and how they appear. It will give you an insight into how you want your renovation to look. You also have to consider each renovation cost and make your budget based on this information. Something else that could prove useful is partnering with a property management company that will help you handle this project. They will manage all aspects of construction projects and give valuable advice on what to focus on during your home renovation process.

Here are some common renovations people do and their cost:

Roof installation: You might want to start the renovation of your house from the roof as it is one of the most apparent sections of a building. Homeowners that experience roof issues will find roof installation an essential renovation. Some owners do not feel comfortable repairing their roof, although it is cheaper to repair than completely replace all.

Renovation might not necessarily mean changing everything; it can mean repairing worn-out parts or replacing some parts. You will need to evaluate your roof and detect what is necessary to be done. Does it need protection against ice? Or perhaps it even requires completely changing the old installation. Either way, renovating your roof will cost you money. Completely installing a roof will last longer than fixing it, which is why most homeowners will prefer to make a complete change.

The average cost of replacing a roof can vary from $6,000 to $15,000 in Florida, depending on the complexity and materials. Installing a roof will cost you more than repairing it. You can choose between metal or shingle roofing. Metal roofing is more expensive but in the long term, it can outlast the one made out of shingles. If you decide on metal roofing, take into consideration the cost per square foot cost and the installation process, the additional manpower that might be required, and the equipment costs. We suggest always hiring a professional for roof replacements.

Re-facing your cabinet: Re-facing cabinets is also another common renovation people do. Shortly, cabinet re-facing means giving a new skin to the outer part of the cabinet. First, you remove the doors and drawer fronts, to apply a new surface to the cabinet's exterior. Re-facing your cabinet is a cost-effective and innovative way to give your kitchen a refreshed and new look.

It retains your cabinet's structure and layout but gives it a new look. The average cost to veneer a cabinet ranges from $80 to $450 per linear foot, depending on your re-facing project's sophistication and material type. A cabinet re-facing usually needs two to four days, no matter if you pay for professional service or you decide to do it yourself. If it seems like too much time and effort, you could always buy new Ready-to-Assemble Cabinets which should be easy to set up as well as be more cost effective for an investment property.

Build a deck: Having a new deck adds value to your home, giving it a taste of sophistication. A new deck helps increase your outdoor living space without adding any room. A deck to your house will add value to your home.

The price depends on the deck’s type and size built for your house. But you can also consider the composition of the desk, do you want a desk made out of wood or composite? The price of the deck also depends on the material that it is made of. Prices for timber decking or wood decking ranges from $30 to $60 per square foot. You should do your research and decide which material fits best with the rest of your home design and construction.

You can also renovate other places like the bathroom, kitchen, bedroom, living room, etc. These renovations might cost a little, but they are surely worth more when listing your rental to potential tenants.

Policies and Rules Guiding Renovation

Before you decide to renovate anything in your building, you should know that you might need to acquire a permit to remodel your investment property. Information about permits and other additional information can be found in the Florida guidelines. You have to make sure that all your renovation projects are authorized, that's why checking with Florida guidelines for interior design changes and property renovations is a must. Additionally, before contacting contractors for renovation, make sure to check that they are certified by the right authority. Hiring a Florida licensed professionals is very important. These professionals know all the guidelines and the restrictions as well for your area.

Growing Indoor Plants

Growing indoor plants is also one of the best approaches to renovating your homes. You should prepare yourself for that kind of responsibility. You should learn how much and when houseplants need water, and also know the degree of temperature that the plants need. You also have to make sure that the houseplant is getting the right volume of light. You have to use devices that will help you control your plants' growth. You can use an indoor grow tent which provides an all-year-round environment for your plant. It also helps you control the number of resources your plants need like light, humidity, temperature, water, etc.

 

Accessories in the Home

You also have to note the accessories in the homes when renovating. Some of them might need repair, renovation, or even replacement. You have to look at them and check out what they require. You can also check delicate accessories like drainage, filters, pipes, etc. Your stairs might also need some renovation, depending on the type of building. And if you decide to add new accessories to your house, then it would be better to choose quality over quantity, as well as checking the colors and the texture if they combine well with the rest of the home decor.

Final word

You have to note that you can only renovate a building if you have the right to do so. You must either be the owner or have permission from the owner to renovate it. And the most vital of all, you have to follow Florida building regulations.


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