Whether you have just purchased an investment property or have had one for some time, if it is ready for a renovation, you will want to carefully select your materials. Finding materials that will last and be a good "bang for your buck", could be a challenge. Tenants typically don't treat their rental homes like owners treat their homes. Keep in mind however, you get what you pay for. You'll want durable products, but those that don't break the bank. It is also important for landlords to remember to choose materials that will help retain property values.
Paint Choices
Paint is the number one material you will want to be durable when choosing your materials for renovating your rental property. You will want to choose a paint that can withstand handprints and knicks, can be wiped and washed, and can easily be spot painted. While glossy paint is known to be the easiest to clean, it is not the type of paint you want on all of your walls. It is also more costly. Use an eggshell finish or a satin finish paint. You should also consider painting in a neutral color such as beige, light gray or even a "greige" which is a gray and beige combination.
Tile Choices
It's becoming more commonplace for landlords to use tile throughout their entire rental properties and skip carpeting altogether. Carpeting isn't as durable, can stain and get dirty more easily, and needs to be replaced more often. If you go this route, you may want to consider a different type of tile for your kitchen and bathrooms than for the rest of the rooms in the property. In your kitchen and bathrooms, you want tile that is waterproof such as a lower-priced ceramic tile. Landlords are going with a wood-look LVT, or luxury vinyl tile, in the living areas and bedrooms. Your tenants can always use rugs if they want some carpeting in these rooms. The main idea to remember is to choose what is practical and budget-friendly, and not what you would choose for your own home.
Carpeting Choices
If you do decide to go with carpeting in the living areas and bedrooms in your rental property, be sure it is durable. You should also consider a carpeting that is stain resistant. Carpeting varies widely in look, cost and durability. In an article written by Jennifer Maughan on rentprep.com, Best Flooring For Rental Property, she states, "Try and find a carpet that uses a durable material such as nylon. Also, yarn twist is a good metric to look at which refers to how many twists of yarn there are per square inch. The higher the twist metric the more durable the carpet." Your carpeting specialist can help you find a durable carpet at a reasonable price for your rental property.
Appliance Choices
Do not choose top-of-the-line appliances for your rental property. Landlords often instinctively go to the lowest price or sales price route when it comes to appliances. If you don't get warranties for the appliances in your home, you should definitely consider taking out a home warranty or a warranty for your appliances in your rental property.
Kitchen Renovations
If your rental property needs a kitchen renovation, do it the budget-friendly way. Instead of replacing cabinets, paint them. Intersting new products continue to hit the market such as Beyond Paint, a product meant to cover stained cabinets without having the trouble of stripping and snading. For counters, a quality marble, quartz or granite looking laminate will do for a rental property. If you insist on using real granite or quartz, choose one of the choices in the lowest category. Quartz counters are undeniably the most durable because they are scratch resistant; however, they can come with a hefty price tag. Don't invest in a trendy backsplash for your rental property. A low-price stainless-steel sink is fine.
When renovating rental properties be sure to consider materials that will maintain property's value. Don't use high-quality and high price-materials, as that will eat into your profits. Use medium to lower-end quality materials that are durable, functional and can be easily cleaned.
