You have rental property and it is not doing as well as it should. You find that you can’t compete with the competition, and it’s time for a change. So what is the best way to add long-term value to your rental property?
Well that one is easy, time for a rental property flooring upgrade!
Today, we will be discussing the value of several different types of flooring for upgrading your property, while taking into consideration the long-term impact that it will have on the property as well as your investment, time, and tenants.
The great thing about carpet for a rental property is you will find it to be a much faster process as far as installation goes. You can also find it for very cheap if you know where to look, depending on the type of carpet you have your eye on. While this seems very adequate you will need to consider the future. As the property owner you will be responsible for maintenance. When the carpet needs a good cleaning, you will be responsible, and over the years this can add up to be a rather hefty expense. Not to mention if you have several units that you rent, maintaining will be a steady investment. If your standards are high, and in this economy they should be, expect to either replace it or hire professional cleaning service in between tenants.
Laminate flooring is a very viable option for flooring your rental property. It has many hardwood like qualities, giving the tenant the satisfaction of a hard surface flooring without the worry of buckles and bulging. Laminate flooring is made of recycled pieces of hardwood and is a bit more flexible. Laminate is also a great solution to achieving a hardwood look without the worry of termites.
The set backs are few but the main issue is that it takes a bit more time to install than carpet and is priced higher as well. However, in between tenants makes it a worth investment as you will have no maintenance or replacement fee if the tenant didn’t destroy it.
While the qualities of vinyl flooring are a property manager’s dream, most tenants will have a stigma built up about it due to their experience with older versions of vinyl. However, it is making a rather significant comeback on the market, especially with the resilient and design advancements. Textures, planks and tiles are now available, and work wonderfully in kitchens, bathrooms, and mud rooms.
The downsides will only pop up if the flooring was not properly installed or if you decided to go with a cheaper vinyl flooring. My advice for a rental property is to forego finding a deal and go for the best vinyl flooring that you can find as far as warranty and quality goes. All and all, vinyl is a great choice for rental property flooring.
The most expensive of the rental property flooring, but for good reason. Hardwood flooring is known for its superb durability and elegance. Not to mention feel free to add on a nice amount to what you charge a tenant as this flooring will enhance your property value significantly. Not to mention, if you ever decide to sell your rental property get ready for sound return on your investment.
The benefits are substantial as it really warms a rental property, but no flooring is perfect. It is expensive to both install and purchase, water can damage it at a higher level than most flooring, and it has a tendency to scratch. And with as many move ins and move outs that a property will go through while being rented, you are bound to get a few nicks and scratches as time marches on.
When it comes to choosing the right rental property flooring it is really up to you. A few things to take into consideration:
- The Frequency of Tenant Changes
- The Area of the Rental Property Geographically Speaking
- Future of the Rental Property (Rent/Sell/Lease to Own)
- Whether Units are Stacked
- Tenant Price of the Rental Property
Once you get your ducks in a row, you should be able to come to a very thought out decision when it comes to choosing the best rental property flooring for you!
I hope you enjoyed Today’s Blog and I would love to respond to any question or comments that you may have, so please feel free to leave them below. Thanks for reading and until next time, Happy Home and Flooring!