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Are you contemplating updating your living room? Or perhaps you’d like to wow prospective tenants with your stylish home? We’re happy to say this article is perfect for you. The family room is one of the virtual spaces in a home.
It’s a central hub to entertain guests, watch TV, and get comfortable with the family. Thus, making this space a functional and aesthetic haven for your tenants is crucial. Besides, the right know-how can also help you save on your house renovation. Here are 3 factors to consider before renovating your rental’s living room.
3 Factors to Consider Before Living Room Renovation
Timeframe
As we highlighted in the introduction, the living room is a family hub. Most houses connect the entryway to the rest of the home. Thus, it would be inconvenient to have tenants in the house while renovations were underway. As a result, the time frame is one of the most crucial considerations in planning your renovation.
If you’re planning a small remodel or a couple of DIY projects, you should be able to complete them in a few days. However, if you’re planning something more extensive, it might be best to consider waiting till your tenants move out of the house.
If they don’t plan on moving anytime soon and the renovation cannot wait, you might have to organize temporary living arrangements.
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Budget
Professional Property Management of Northern Virginia knows that upgrading your property can bring great returns. However, upgrades aren’t free. Another factor to consider before your living room renovation is your budget.
How much cash you have on hand will go a long way in determining what you can do. A minor living room remodels with new lights and curtains would cost you around $2500. However, if you want a total transformation, complete with brand new flooring, painting, and windows, you could easily spend $10,000 or more.
To avoid going overboard, you should list what you want to change. Getting your priorities straight can also prevent you from running out of money mid-project. You might not be able to pinpoint the exact price of each item, but an estimate could help. It can also help you plan for funding, like getting a renovation loan or using HELOC.
Materials
Finally, materials also play an integral role in your renovation. It’s crucial to consider what materials you want and where you plan to get them. For instance, there are multiple flooring options, like marble, hardwood, carpeting, and vinyl.
Also, the cost of said materials and other supplies ties in closely with the budget. If you’re adamant about more expensive hardwood floors, you might have to save up for a few months to afford them.
Although, many interior decorators recommend buying supplies in surplus to get a bargain. You should also pay attention to which supplier you purchase these goods from, as quality can vary widely.
Other Remodeling Projects that Yield Higher ROIs
1. Kitchen Renovation
If you’re looking for renovations that improve property ROI, you should start with the kitchen. In addition to looking nice, an upgraded kitchen makes the workflow more efficient. Changes in your kitchen can yield 98% returns depending on the finished look.
Give your cooking space a more modern look by replacing old cabinet fixtures. If you’re going big, you can break down a few walls and introduce an open concept. Also, you could get a few upgraded appliances for a touch of luxury and convenience.
2. Bathroom Remodel
Bathroom remodeling projects achieve some of the highest ROI for a rental property. After all, who doesn’t want an excellent mirror selfie? The best part about upgrading your bathroom is that you don’t have to do much at once. Minor improvements can make a big difference.
For instance, you can start by replacing old fixtures like the shower head and faucets. Modern lighting can also make the room more appealing. Then if you want to step it up, consider adding a vanity or replacing the jacuzzi.
3. Front Door Upgrade
Rebrand your entryway with a new front door. Most property owners overlook this portion of the house, which is unfortunate because it creates a lasting impression. A solid modern door conditions prospective tenants to view the rest of your home through the same lens. Thus, it might be worth considering a change.
4. Deck Addition
Consider installing a deck or patio if you own a single-family unit. These small outdoor spaces can significantly boost your ROI and increase your home’s value. They extend your living area, giving your house the illusion of being more prominent.
You could use that as a selling point to guests who like to host visitors. A deck is a great place to escape the house without really leaving.
Conclusion
Adding valuable home improvements to your rental can boost your appeal and ROI. Thus, it’s essential to plan appropriately for such projects. The top 3 factors to consider before renovating your rental living room are timeframe, budget, and materials.
With these points sorted out, you should have a seamless remodeling process and earn more returns on your investment if you have some extra cash and other remodeling projects that yield a high ROI, including bathroom, kitchen, and deck renovations.
An expert property management company can help you plan, budget, and oversee these projects.
