Are Property Upgrades necessary?
When you are a landlord, you’re not only responsible for managing tenants but also making sure that your rental units are both safe and habitable. And if you do what you’re supposed to, taking care of just that one aspect of rental property management can eat up more of your time then you expected or wanted.
If you are either renovating a home or condominium into an owner-occupied dwelling or buying a small apartment complex with just a few units, the first step is to determine what the zoning regulations and local building codes require. The second step is to develop a budget as well as a list of what you must do and what can’t do, based on the funds available. For both steps, you need to go to City Hall.
Converting a home into a rental requires that you follow local building and zoning codes regarding renovations and building additions. You also have to meet codes that may have been ignored by previous owners because you are now responsible for the property.
Since building codes exist to ensure the health and safety of occupants, you are legally obligated to repair things that break or don’t work properly, such as kitchen or bathroom plumbing. You also have to keep the property free from rodent and insect infestation. And if there’s an emergency, you have to be available day or night to respond.
What you should not do are unnecessary renovations that cost you money. For example, you may think that purchasing expensive appliances or knocking down walls to gain extra space will give your property greater appeal and decrease the time it takes to get the unit rented. But the reality is that those kinds of upgrades won’t pay for themselves over the long haul.
Property maintenance is a full-time commitment; so is managing tenants. Why end up working the equivalent of two jobs when you could turn both of these landlording functions over to us at Herman Boswell Property Management? We have the experience and know-how to get the job done right. Contact us today and let us help you get more out of your investments–and your life.