As you can see by the range of income, being a landlord is a progressive career in most cases. You start with one property, then you build from there. Though some in the real estate business have the startup capital to make large financial deals and acquire multiple properties at the outset, most investors start small and remodel their rental properties in order to earn more money for rent or to bring in more cash on a sale. But rental remodels can be costly and depending on how elaborate your ideas of remodeling are, you might require assistance in bringing your ideas to fruition.
You have to also take into careful consideration the fact of whether or not this home will be your dream home or if you plan on renting or selling it in the future.
With either option, you’re going to have to be careful with which upgrades you choose, as it can lower the resale value of your home later on down the line.
Here, we’ll discuss a few of the options you have to choose from when considering a rental remodel. This will prove to be very valuable when you’re ready to start on your projects.
Do It Yourself (DIY)
Perhaps what seems like the easiest and most cost-effective way to do any remodel is to get right in there, get your hands dirty, and do it all on your own. You can even rent a ½ ton pickup and get all your supplies and materials for the entire duration of your remodeling project. Sounds simple, right?
Home improvement and DIY sites and books have been increasingly popular for the last several decades, and this is because most homeowners want to not only save money but also learn how to do rental remodels themselves. If you have the know-how, go for it!
The only drawback for a DIY remodel is the lack of experience you may have when it comes to certain elements of remodeling. And while most homeowners can paint a home or add trim and molding, many aren’t skilled enough to add on a room.
If you have a large remodel project in mind, perhaps one that entails removing a section of wall to install a window, or if you’re building an entirely new addition, the DIY strategy may not be the best option.
But, if you’re upgrading a bathroom with new mirrors, tile, or hardware, then you can probably get the job done with little difficulty. This will be especially beneficial if you own multiple properties because you can easily build your portfolio just off of knowing how to manage and maintain them yourself.
Hire a Contractor
If you have the necessary finances in order, and you have a large remodel project, or several remodel projects at different rental properties, hiring a contractor will probably be your best option.
A contractor who specializes in remodeling or single-family home construction work will not only have the skills needed to perform larger, more complex jobs, they’ll also have all the tools and best manpower to get the job done quickly.
One of the main setbacks for anyone attempting the DIY route is the lack of tools that are typically required to get the jobs done. And these can be just as costly as the materials you’ll be buying as well. A contractor already has all the tools needed to complete a job, and they’ll most likely have an experienced crew to get the job done professionally.
DIY and Hire a Contractor
Depending on the nature of your remodel, you might have some things that you can do on your own, or learn to do relatively quickly. If this is the case, it’s actually quite common to begin the remodel process yourself and get as far as your skills and know-how can take you.
Once you reach a point where you believe you need professional assistance, then it’s time to hire a professional contractor. This DIY and contractor combo is actually one of the great tricks of home remodeling.
For example, perhaps you have new flooring that you want to install, bookshelves that need building, painting, and new window treatments… Well, you can do all of this work yourself in most cases. But, if you have a new doorway or a new addition to build as well, then these are jobs you can reserve for a contractor.
No matter the nature of your rental remodels, consider doing as much as you can on your own, then leave the more difficult tasks to the professionals. This way you’ll not only save money on labor, but you’ll also learn a few new skills along the way.