Owning property in Brooklyn and deciding to make it an investment property can potentially be a great experience with foresight. As many landlords are aware making strategic improvements and overall renovations should be planned. What that means for owners is keeping in mind that you will have to update many areas of a rental unit in order to keep it marketable and fresh for potential renters. So a good question that many ask us at BJD Property Management is how often should you go about renovating? Through our experience this what we believe certain areas should be renovated or upgraded.
Bathrooms
Bathrooms is a heavily used area of an apartment. Depending on the size of the unit and amount of people living in the area it may be the most heavily trafficked area of the house. We suggest that purchasing mid-tier level fixtures and material. One of the reasons is that faucets, bathroom handles and shower fixtures need to be replaced often. From experience once every 3 years of so they would need to be replaced. When we say mid-tier you should skimp on style as there are many moderately priced amenities are out there lately. If you are renovating from scratch then go with a high-end toilet. They last for a significant amount of time (10+ years) and if you have the opportunity do NOT purchase the water saving models. You will get significant complaints about them and potentially will cost you money on plumbers because of material being stuck in the pipes. Those service calls will add up during the years. When respect to tiling attempt to make it easy to clean. Solid ceramic or porcelain tile seem the best. They prevent mold and allows your tenants to clean more efficiently.
Kitchen
The kitchen is to most the most important room in the house. It is where most people spend the most time when not asleep. It is where most people congregate after a long day or early morning. It is also where friends and family get together to share experiences. Since it is important you should look into investing into your kitchen at least once every 5 years or so. Cabinets and countertops should be inspected and you should determine whether it needs an upgrade. Brooklyn has become very competitive and it is important to make sure that it is up to current trends. Cabinets and countertops need to be remodeled once every 15 years or so. Appliances tend to need upgraded more often as they become either worn through use or just out of date. An owner should consider changing appliances once every 5-10 years. Refrigerators seem to last longer and one would hope that your tenants take care of it so it lasts well over the time period.
Floors
Floors are another high end area that needs to be considered to be upgraded. Hardwood flooring may need to be sanded and stained. The cost compounds if you have several tenants during a 10 year time period for instance. Unfortunately there will always be some scuff marks and scratches when someone vacates. An alternative is putting laminated or vinyl flooring. This flooring lasts a significant amount of time. The average lifespan of laminate flooring is between 15 and 20 years with a range of 10-30 years. Carpets are not ideal in this market and one would consider taking them out in order to install more durable and longer lasting alternatives. If you have no choice but to leave them then you must consider changing them within 4 years in New York City.
Rental properties in Brooklyn can be profitable if you take the right steps and have the foresight to upgrade for the future. If you have the opportunity to budget yourself and speak to your Brooklyn property management company you can maximize your rental revenue for the future.
If you need assistance with projecting what may be improvements in your property in order to keep your cash flow rolling then BJD Property Management may be for you. BJD Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx. Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.