Pros and Cons of Improving Rental Homes
If you’re living in a rental home or apartment, you may have a tough time deciding if you should personally do any home improvement projects to the property. Because you don’t own it, there are a number of different questions you should be asking yourself.
First of all, there is the legal aspect of it, so you don’t want to do anything the landlord wouldn’t approve of. Then, there’s the matter of putting money into something that you aren’t really going to get any of it back as a return on your investment necessarily. To further consider the matter, meditate on the five following general ideas.
Investigate Top Notch Rentals
To see how your rental compares with other, research featured rental homes and see what kinds of amenities they have. Especially if you research locally to where you are, you’ll see what kinds of things are expected in terms of basic quality, and then what kind of further improvement either tenants or landlords have made in the past as well. There may be nice fences around the property, or perhaps a patio that has been built, for instance.
Decide On Cost Benefit
A big part of your decision is going to be about cost and benefit. If you plan on spending hundreds or even thousands of dollars on improving the home or apartment you’re renting, how much of that will you receive when you leave? Most likely none of it. And though that’s not an argument that you should live in squalor just because it’s cheaper, it’s still good to make sure that you’re not just dumping money into a sinking boat.
Talk To the Owner First
Many of the questions you have about rental improvement can be answered simply by talking to the owner. Find out if he or she will spend the money for a new hardwood floor, or even things like new energy efficient appliances. Explain that they will help the overall value of the property go up for the next tenants as well.
Discuss Improvements with Neighbors
If you’re next to other neighbors who are renting, you all should get together and discuss any kind of similar improvements that could be made. You could potentially use each other’s tools to keep costs down on projects, for example.
Look For Ideas Both Inside and Out
And home improvement includes projects both inside and outside. There’s nothing wrong with wanting to improve the landscaping outside of a rental unit, but once again it goes back to making sure what you’re doing is within the rules, the landlord says it’s okay to do, and you don’t feel like you’re wasting your time, money, or effort with no return.