Property Owner Guide

Saving Money as a Landlord When Renovating

Investment property renovation is one of the biggest expenses a landlord will accrue. Renters tend to cause a lot more wear and tear on a property than a homeowner, and deferred maintenance or repairs can cause even more expensive problems down the road.

You worked hard for your investment property and keeping it well maintained will generate cash flow and appreciation for many years. Investment property renovation can get expensive and are often necessary. Follow these three tips to get the most out of your investment dollars.

Establish Relationships with Contractors

General contractors typically like working with landlords more than homeowners. They know they are likely to get much more work if they provide excellent service. Especially if you own multiple properties in an area, make it a point to establish professional relationships with the local contractors. It will benefit you both as you each learn how to work best with each other.

Save time, and save money using the FREE home renovation app for landlords. The Renozee App is a new, easy, and free way of having home renovation contractors find you and compete for your business for any immediate property repair work! Download the Renozee App today!

Getting the Most Bang for your Buck

Investment property renovation on a rental property is much different than renovating your own home. When making decisions, put yourself in the position of the tenant. In your own home, you may want high-end appliances and trendy colors on the walls. But that typically is not what renters want.

Renters usually want a clean, safe and affordable home, often while they are saving to buy their own home. Mid-range appliances and neutral colors for paint are your best bet. Things like new bathroom fixtures can make a property look much better for a reasonable price between tenants. New carpeting and flooring also tend to provide a high return on investment. These make a property look clean and well maintained and are typically not expensive.

Save time, and save money using the FREE home renovation app for landlords. The Renozee App is a new, easy, and free way of having home renovation contractors find you and compete for your business for any immediate property repair work! Download the Renozee App today!

Avoiding Expensive Problems

Real estate investing is a long-term game. To be successful, one must stay on top of essential maintenance before expensive repairs are needed. Get in the habit of spending a little money upfront to avoid catastrophes.

Water and fire can damage a property quicker than anything. Make sure, for example, plumbing pipes and fixtures are regularly inspected for leaks. Consider budgeting for a water heater replacement while it is still serviceable to prevent a potentially flooded basement. Inspecting, repairing, and cleaning rain gutters and drainage systems every spring can also pay off.

Also, do not forget to do the obvious. A few dollars to replace smoke alarm batteries can prevent a total loss. Make sure your maintenance plans are written down and scheduled, especially if you own multiple properties.

Pest control is another area that landlords may want to consider. A small annual bill in the budget can be much cheaper than a major infestation, both to your bank account and reputation. For a landlord, staying one step ahead of problems is often best.

In conclusion, investment property renovation on a rental property is significantly different than an owner-occupied home. To be successful, take advantage of being able to establish long-term relationships with general contractors. Do not be afraid to regularly spend a little bit of money to reduce the frequency of outsized repairs or costs, and focus on making your property clean and affordable as opposed to having the latest interior design trends.

Save time, and save money using the FREE investment property renovation app for landlords. The Renozee App is a new, easy, and free way of having general contractors find you and compete for your business for any immediate property repair work! Download the Renozee App today!

Save Money as a Landlord Using the FREE Renozee App!

Discover the Renozee App, the free, one-stop-shop investment property renovation platform for landlords! Renozee makes life easier for independent landlords and improves cash flow by providing a world-class investment property renovation platform.

Great maintenance and speedy repairs lead to higher retention of tenants and happy landlords. That’s where Renozee fits in. The Renozee App is a free platform designed to simplify how landlords collect bids for maintenance issues and hire reliable general contractors fast.

Using the free Renozee App to hire general contractors has made landlords more efficient, enabling them to focus on what’s most important, obtaining a better ROI. When maintenance issues arise, there are many reputable and specialized general contractors readily available to complete repairs quickly and at competitive pricing. General contractors can submit custom bids directly through the platform making it easy for landlords to compare competing offers digitally and seamlessly. Get fantastic general contractor support when you need it!

Download the Renozee App today, and post your project to receive bids from immediately available general contractors that want to win your business!