About five years ago, I purchased a rental. When I acquired the property, it was in reasonably good shape. However, I did a small renovation before renting it out to ensure it was in top condition.
Fast forward to the present, I've had only one tenant for the past four years (two, considering his cat), and he's been fantastic. Always paid on time, quiet, no bad habits, and respectful of the space. Remembering all those horror landlords' stories, I'm genuinely sorry to see him go, and I'm afraid I won't get that lucky with the next one.
Now, with my tenant moving out in a week, I'm faced with deciding whether to do some remodeling before letting someone else in. The apartment's appearance is practically the same as when my tenant moved in. The only noticeable issue is the damage to the internal door frames caused by his cat's scratching. Fortunately, it's not the biggest problem, and I already bought replacements from Skirting World, and the problem will be solved by the end of the week.
I was planning to simply call a cleaning service to take care of the rest, but my wife insists that we do a more serious remodeling to get a better price. Her friend wanted to rent the place, and after seeing the flat, she asked for a discount for the outdated interior.
On the one hand, I understand the importance of maintaining and improving the property to attract new tenants and potentially increase rental value. However, on the other hand, given the costs, I wonder whether it's necessary to undertake a full-blown renovation if the apartment is in decent shape.
I'm really interested in hearing other landlords' opinions on this matter. How often should a rental be renovated? Should I keep pace with all these design tendencies and remodel after each tenant? I'd be very grateful for your guidance on this.
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source https://www.reddit.com/r/RealEstate/comments/14gu53l/is_it_a_must_to_renovate_the_rental_before/
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