You’ve purchased that new condo. Step one is complete. And now you’ve even found a renter using a platform like ABODO Apartments and you’re all set to start earning passive income, right? Technically, yes.
Everything looks great around your place, your renter is all moved in and the rent checks are flowing in smoothly with no hiccups.
That said, eventually, you might want to start improving or developing sections of your place that either need revamping or modernizing, and this is where many people run into problems. Even though not all updates are made equal, there are a few that might cost a bit more than others. For example, the ins and outs of finding a great plumber can be tough to understand. So, where do you turn for help? Here’s how to get started.
The Windows and Doors
Today’s best dual-paned windows are about twice as effective at retaining heat and air conditioning as the single-paned units installed just a couple of decades ago, but perhaps only 15% more efficient if those old units have storm windows on them. And since windows make up only a tiny fraction of your building’s exterior “envelope,” new windows will produce only about 5% to 15% percent total energy savings. The average homeowner in America pays about $1,000 a year to heat and cool a home, meaning it would take you more than 100 years to earn back your investment.
As all veteran renovators know, the solid wood products sold today do not stand up as well to the elements as the wood used 50 or 100 years ago. (This is mostly because the lumber is farmed quickly rather than naturally grown slowly.) So, to avoid seeing your new windows rot, you’ll want to consider an alternative to solid wood. Vinyl windows are the most affordable choice, or you can get real wood windows covered by an aluminum skin (“cladding”) on the exterior. The cladding comes factory painted in your color of choice, and that finish is guaranteed for 20 years—a good three to four times longer than exterior paint applied to solid wood windows. You’ll pay about 15% to 20% percent more for aluminum-clad than unclad wood.
Companies from the U.K. to Chicago to Madison provide awesome window updating services, so there is never going to be a shortage of pros you can call on to help you get this done. Do your research and don’t let your window updates eat up your passive income / beer money.
Keep An Eye on Home Systems
When you’re a landlord, small things can become big issues when taken out of your control. Blocked gutters can turn out to cause some expensive damage and you cannot count on your tenants to notice the problem until it’s too late. Before or after renting out your property, give it a thorough check. Have a look at all major systems at your home – plumbing, electricity, heating and sewage systems. And if you need to have a pro assist with drainage issues, then make sure to let the experts handle that.
Check whether they could use an upgrade, repair or simple replacement. Those systems are something future tenants will depend on so they naturally will appreciate your effort in ensuring their comfort and safety.
So, your first tenant moved out and you want to make a few upgrades before finding a new tenant. This might be a great time to get moving on those flooring updates you’ve been dreaming about.
It is always difficult to predict everything when starting a renovation project. Between the excitement, the stress and the impatience of finishing the work, we sometimes forget steps that are crucial for preparation. Still, there are important elements that must be verified before you start your floor renovations. According to the experts at Ambient Bamboo Floors, some relate primarily to selecting material, while other questions are geared toward avoiding unpleasant surprises that can occur when installing flooring. If you know you want concrete flooring, then do your research and prepare for that.
Either way, it’s important to ask this question before you begin your work. The type of residence you live in will dictate the proper work method to follow. For example, within a condo dwelling, you must follow the rules established by the declaration of co-ownership. In a single family home, the sub-floor can influence your choice of floor covering. Older constructions often have their little quirks. Before installing your new floor, you need to inspect the state of your sub-floor and your selected room.
No matter what you choose, consult a professional and ensure that you don’t have a new tenant moving in while your project is in the works!