Editor’s Note: Here at Dispatches, we are always looking for ways to help our readers do things. For some of our readers, that means helping navigate the working world, for others, it means assisting in the ever challenging question, “what’s for dinner?” For still others, it means figuring out how to balance family life with everything else. In an effort to aid in all of these endeavors, we have collaborated on this article written specifically for our readers.
If you’re looking to set up a business in an area that’s always going to be in high demand, then owning a rental property might be a good choice. If you’re curious and deciding whether this is for you, here are three different ways you can consider getting started.
In some cases, you might be lucky enough to just get away with a cosmetic makeover of a property. Some properties can look very worn and in bad condition from a glance but are structurally sound, and all they need is a few finishing touches or a coat of paint. In most cases, you will probably need to replaster walls, paint and add new carpets and do a very thorough deep cleaning. Depending on the condition of the kitchen you might need to refit a new one, or in some cases simply adding new modern door fronts and fixtures might do the trick. The same applies to the bathroom, you might need to refit the entire thing, but it might just need some new tiles. Pay attention to curb appeal as well and make sure you landscape.
Some properties will be in need of a full renovation, or perhaps you have something specific in mind that you want to achieve with the project. If so, tearing out walls, moving plumbing, new windows, having the electrics re-done and more will be on the agenda. Renovating is good as it allows you to totally transform a property, by either bringing it up to date or completely changing it around. You can put your own mark on it and create a property that’s stunning and functional- something you know will be snapped up by buyers. This should only be under the supervision of a licensed contractor and the advice of an accountant. There can be serious issues such as pests, rot, or asbestos.
Build From Scratch
Another option you have would be to build entirely from scratch. While of course, this is a far bigger project, it’s may be less expensive than you might think and could make a very appealing rental property. These days you can have homes built from alternative materials which are quicker to put up and cheaper too, have a look at this steel building cost estimator for example to see what kind of savings you could make compared to bricks and mortar. You do have the issue of finding a plot of land and going through your local municipality for all the licensing and permits but the actual build itself can be relatively straightforward.