Making the decision to purchase and renovate a rental property is a big step in diversifying and increasing your financial portfolio. As passive income, the rental property will become a steady and reliable income stream. The same is true for those looking to flip a house and resell it, but the rental property offers some unique choices.
The all important remodel is a big consideration in all rental properties and not one to be reduced to the lowest common denominator. A remodel of your rental property is the opportunity to increase its value and therefore increase your annual revenue stream.
Create a Brand
Oftentimes people make the choice to spend as little as possible on a rental property, opting to go with inexpensive, replaceable materials and designs. This is usually done because the expectation is wear and tear from year to year, and tenant to tenant will mean continued upkeep. It’s also because of the desired return on investment. For this reason people often choose laminate counter-tops and linoleum floors because those materials are less expensive to replace and maintain.
In reality a rental property allows for the opportunity to invest in something that will be the most durable while attracting tenants, at top dollar, who will never want to move on to something else. From durable granite, to long-lasting tile floors, property owners can make choices to remodel their rental properties in such a way as to create an image, a brand and level of expectation that can be duplicated and expanded as the number of properties in the portfolio grows.
Yes, Faith Floors & More can help you with a rental remodel in College Station! Call us today or stop by our showroom.