A building renovation can be exciting and disruptive at the same time. Whether a commercial building or a rental home, the project needs to go smoothly. So when is the right time to renovate your investment property? Here are some tips for the best times to schedule your building renovation.
Before You Rent
After you buy a rental property, check for areas that need repairs or upgrades. Now is the time for a fresh coat of paint or new flooring. When you’re ready to rent, you want prospective tenants to see clean, hard surface floors, not worn or stained carpeting. Replace appliances that are 20 years old or more. Make changes that will show renters that the property is well-maintained and up-to-date.
Take advantage of the transition period between one tenant leaving and a new tenant arriving. Consider any improvements that will let you charge higher rent and possibly increase your return on investment (ROI). Have you been wanting to replace that tired kitchen linoleum with tile or bamboo? Maybe it’s time to upgrade appliances.
As soon as you find out that a tenant is leaving, contact any contractors you plan to hire. The sooner you can schedule the building renovation, the sooner you’ll be able to rent the property again.
When the Property Needs Repairs
Maybe your investment property needs some urgent repairs. If your property needs new plumbing, for example, your drywall will need replacing anyway. You might as well schedule that remodel you’ve been considering simultaneously. For an extensive renovation, it’s a good idea to hire a general contractor to coordinate subcontractors and keep the project on schedule.
During Slow Business Periods
If you’re planning on a commercial building renovation, it’s best to schedule the project during a slow business period. If your tenant is an accountant, for example, plan the renovation after the tax-filing season has ended. For a florist shop, don’t schedule the project the week before Valentine’s Day. During a busy time of year, you don’t want the office torn apart or the store temporarily closed.
When you schedule a commercial property renovation, the business should be able to operate during the project. This can require temporarily leasing office space, which can take months to secure. Make sure you allow enough time for the business to relocate, if necessary temporarily.
Before You Sell the Property
Maybe you’re ready to sell an investment property you’ve owned for years. When you list your property, you want it to look fresh and up-to-date. Your real estate agent can help you decide what renovations are needed to improve the resale value of your property. Whether you’re considering new windows or an extra bathroom, consult a general contractor well before you want to begin the project.
RH Blanchard has been providing Boston-area investment property owners with general contracting services for more than a decade. Our experienced team will manage your renovation project and get your property in shape. We’re happy to provide a free quote, so contact us today!