Owning a long-term rental in Lakewood can be a profitable and fulfilling experience. However, to keep the property profitable, you’ll need to start planning various property improvements and renovations from day one. Maintaining your property in excellent condition means periodically updating the kitchen, bathrooms, floors, and exterior. How often should you renovate?
The kitchen is one of the most important rooms in any house, rental, or otherwise. Most kitchens see constant use, whether tenants are simply cooking a meal or using it as a gathering space for friends and family. If you’ve taken action to do regular maintenance on your kitchen cabinets, floors, countertops, and appliances, the chances are that your rental property’s kitchen will stay in good condition anywhere between 10 and 15 years.
Though each situation is unique, and you might need to complete upgrades more frequently than that. Appliances are typically built to last about seven years, while cabinets and countertops might hold up a little longer. Simply replacing each element as it starts to look damaged or broken is one approach, or you could lay out a timeline for upgrades to better control the expense.
Nevertheless, it’s important to consider how your future tenants may respond to current trends in style and décor. A kitchen with a trendy look may attract tenants in the short term, but that attractiveness may soon wane. Ideally, experts recommend choosing colors and durable materials that feel both up-to-date and ageless.
Bathrooms are another heavily used area in your rental house that should need regular updates. Some of the same methods of developing a sturdy, appealing kitchen can be applied to a bathroom as well. Good quality, mid-grade fixtures, and materials will hold up better in a rental home than luxurious, more expensive items. Things like faucets and showerheads will need to be replaced every few years, although a top-quality toilet can last several decades or more. If your rental’s restroom still does not have durable, easy-to-clean tile or solid surfaces in and around the bathtub, shower, and so on, consider planning to upgrade to prevent mold and water damage and to keep the restroom in great condition.
Flooring is another aspect of a rental house that must be replaced frequently. Laminate or vinyl flooring in kitchens, bathrooms, and other areas will typically last anywhere between 15 and 30 years, although heavy wear will have a huge effect on that time frame. Also, the carpet in a rental home has a useful life of about five years. Although the carpet in your rental may last longer than that, it is also possible that it will need to be replaced even more frequently. However, five years is a good rule of thumb to start with and then replace it if it is needed.
Lastly, several houses will require the exteriors updated regularly as well. If your rental property has stucco or painted wood exterior, you will need to check the condition of the paint often to see if your exterior will need to be updated. Many top-quality paint jobs on both wood and stucco will last around seven to 10 years, although the frequency varies depending on your climate. Vinyl siding and stone will last much longer with regular cleaning, and possibly not need to be changed for a minimum of 25 years or more as long as there is no visible damage.
Updating your rental home is an integral aspect of owning a profitable property. If you take an effort to plan and budget for different upgrades every few years, you can keep your cash flows steady and your investment increasing in value.
Whether you own a newly renovated rental property or need some guidance on how to update it, the Lakewood property managers at Real Property Management Southland have your solution. You can contact us online or call us at 562-270-1777 to obtain additional information.
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