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You’ve purchased a rental property, and you feel like it needs to be spruced up to boost your rental yield. Great idea!
-Now, depending on your situation, you might be tempted to spend as little as possible or, on the contrary, go all-in and turn the space into a luxurious oasis.
-Well, the truth is, renovating a rental property is a fine balance between functionality and appeal.
-And while ensuring the place looks clean and modern, you shouldn’t treat your rental renovation like your home renovation.
-With renovating a rental to increase your returns, less is more. Why? Because your tenants need to be able to visualize themselves living there. And a blank canvas that they can model to their own preferences will be more appealing than a property full of fancy objects and unusual features that feel like somebody else’s.
-So, keep things simple and focus on upgrading key amenities like the kitchen and bathrooms.
-Now that we’ve tackled the aesthetic aspect of renovating a rental, let’s take a closer look at the key steps you need to take before getting started.
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Seek Approval Before Starting
Keep Your Neighbors In The Loop
Research Your Target Market
Select Your Contractors Carefully
Hire a Property Management Agency
