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What to Know Before Renovating A Deck or Patio

Carolina Beach Rental Property with a Newly Renovated Deck and Sliding DoorIf it happens your Carolina Beach single-family rental home has an old deck or patio, you may certainly be planning to renovate it. Savvy investors know very well that having an updated outdoor space will greatly increase both your property values and your rental home’s appeal. But be aware, there are a few things to know before becoming involved in a deck or patio renovation project.

Know Your End Goal

Before renovating your rental home’s deck or patio, it’s relevant, first and foremost, to have a clear idea of why you are renovating and what you hope to accomplish. Do you hope to make the most of the updated deck or patio to attract new tenants? Are the renovations designed to keep a current long-term tenant pleased and at ease? How will your tenants use the deck or patio? Is your deck or patio in need of a complete overhaul, or does it only need to have cosmetic updates?

A good rule of thumb is to aim for renovations that could renew the space using durable, mid-grade materials but should also provide the best return for your investment. A complete deck or patio renovation is an expensive endeavor, nonetheless, the long-term gains should make such an expenditure worth it. But remember, it’s really important not to go too big or lavish. Supposing you do, you may never recover the cost. Examine some other comparable properties in your district to gain a sense of how a renovated deck or patio can certainly help you optimize your rental rate and future returns.

Know Which Permits You Need (If Any)

In various areas, anyone wishing to build or renovate exterior areas of a property needs to acquire certain permits. This is commonly true in urban or residential areas, or for properties governed by a homeowner’s association. If you hire a good contractor with local experience, they can assist you to understand which permits you to need and may even be able to obtain them for you. On the other hand, it is up to you to bear in mind and make sure that you have all the required permits and permissions before work begins. Not doing so may invite unwanted legal trouble or battles with an unhappy homeowner’s association.

Know What Resources You Have

Renovating a deck or patio requires planning and trustworthy contractors. But, it will certainly also use up space, time, and money. Before you start a renovation, be sure to carefully consider how much you have of all three. Your deck or patio will increase in size, so it’s good to consider whether the new deck or patio size is the right size for your space. A nice balance between green space and deck or patio certainly could create the most attractive space possible.

It’s similarly important to assess the time and money you have available for the project. If you have a tenant in the rental home, you could work out a timeline that will restrict their use of the property as little as possible. If you are getting your property ready for a new tenant, it’s important, to be honest regarding how much time you can spend renovating the deck or patio before your cash flows start to suffer. On the last note, make sure to create a realistic budget for your deck or patio renovation – and a contractor willing to stay on budget. For most rental homes, there’s no need to go pretty big or too extravagant. You can create a functional, visually appealing space with just modest renovations.

By gathering the information you’ll need in the first place, your deck or patio renovation project can, for sure, be a functional and financial success, adding value to your rental property. If you’d like more advice from a professional property manager in Carolina Beach, contact us online or call us at 910-782-4488 today.

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