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Commercial Real Estate in Key West & the Florida Keys by RE/MAXCommercial Real Estate in Key West & the Florida Keys by RE/MAX

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Tips on Remodeling Your Rental Property

Tips on Remodeling Your Rental PropertyRental properties need periodic renovation, whether to keep such units in a state of good repair or to keep up with changing renter requirements. While the general processes of renovating a rental property are similar to those used for a personal residence, they are also different in one key way. You’re not renovating the property for yourself — you’re doing it to make money.

Repairs vs. Improvements

A complete property renovation usually qualifies as a capital improvement, which you will have to depreciate over 27.5 years. Unrelated repairs, on the other hand, can usually be expensed in the year you pay for them. If you can structure your renovation as a series of small repairs, you may save a great deal of money when you file your taxes. You also may be able to do the repairs while the unit is occupied, saving you from having to take it out of service and losing rental income.

Keep It Neutral

As you remodel a rental property, remember that you’re preparing it for someone else to occupy. Neutral colors, finishes and accessories may prevent anyone from falling in love with the property, but it will also prevent potential renters from ruling it out because it doesn’t suit their personal tastes. Renovate your property with durable, easy-to-maintain materials so that they can withstand long-term use.

Leaving Good Enough Alone

While a neat, clean and attractive property is easier to lease out than one that is beat-up, there is a point of diminishing returns. For many rental properties, a coat of paint and a good carpet cleaning can work wonders and save you from more expensive renovations. Another example of this is that if your bathtub is a bit tired, you might be able to keep using the original tub after resurfacing it, saving you the cost of a replacement. If something in your rental property is good enough that a tenant will accept it, it probably doesn’t need replacing.

Remodel for Rent

When you renovate your property, remember that your goal should be to get your money back. If your tenants won’t pay additional rent for skylights, there’s essentially no reason to have them cut into your roof. In many cases, tenants will pay rent for nicer bathrooms, kitchens and closets. Renovations like these can recoup their cost relatively quickly in increased rent and, with it, through a higher property value due to having more income to capitalize.

Hot Key West Business Opportunities

1 Henry Morgan Road W 1 $38,000,000

1 Henry Morgan Road W 1 OTHER, Florida

99 Beds 119 Baths

1 Infinity Bay Road W 145 $28,000,000

1 Infinity Bay Road W 145 OTHER, Florida

99 Beds 170 Baths

1 Media Luna Resort Road W 126 $26,000,000

1 Media Luna Resort Road W 126 OTHER, Florida

99 Beds 109 Baths

$10,000,000

Other, Florida

30 Beds 33 Baths

27340 Overseas Highway $6,900,000

27340 Overseas Highway Ramrod, Florida

3,969 SqFt

1 Lands End  West End Roatan W $6,750,000

1 Lands End West End Roatan W OTHER, Florida

25 Beds 27 Baths

328 Whitehead Street $4,995,000

328 Whitehead Street KEY WEST, Florida

5 Beds 5 Baths 2,759 SqFt 0.330 Acres

7537 Overseas Highway $3,495,000

7537 Overseas Highway MARATHON, Florida

6,750 SqFt

91865 Overseas Highway $2,300,000

91865 Overseas Highway Tavernier, Florida

15 Beds 10 Baths 10,150 SqFt

100150 Overseas Highway $2,100,000

100150 Overseas Highway KEY LARGO, Florida

58835 Overseas Highway $1,499,000

58835 Overseas Highway MARATHON, Florida

3,414 SqFt

1000 Eaton Street $1,200,000

1000 Eaton Street KEY WEST, Florida

1 Baths 989 SqFt

Pirates Road $799,000

Pirates Road Cudjoe, Florida

Pirates Road $799,000

Pirates Road Cudjoe, Florida

2.200 Acres

Pirates Road $799,000

Pirates Road Cudjoe, Florida

96,547 SqFt

Are You Looking for Commercial Property in the Florida Keys?

Use our site to search commercial real estate in Key West and all of the Florida Keys. Unlike the “big name” sites out there, our site is directly connected to our local MLS and is updated with new properties every HOUR. By creating a Property Manager account you can stay on top of the newest businesses that go up on the market and get Price Change alerts so you can stay ahead of other buyers and beat them to the best deals!

In the meantime, check out these 1-click searches:

  • All Businesses for Sale
  • Office Buildings
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  • Bars & Restaurants
  • Marinas for Sale in Key West
  • Investment Properties
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Newest Key West Commercial Properties on the Market

Offered for sale is Vaca Cove a 7 unit vacation rental property located in Marathon, FL.  The property is comprised of 7 stilted waterfront homes, dockage accommodating up to 40' boats per home, resort sized pool, fishing dock/kayak launch and built in 2016.  Each home is 1,740 Sq. Ft., 4 bedroom, 3 bath, open floor plan living area, large laundry, water front porches with open water views, private spas and covered parking.  This is an active vacation rental property with established management and increasing numbers.  Please do not go to property unscheduled.  Call for more information. $6,900,000 Active

12555 Overseas Highway A MARATHON, Florida

28 Beds 21 Baths 12,180 SqFt

The BB & T building is a centrally located landmark in one of the best areas in Key West. A prestigious location for this expansive second floor condominium executive office suite. Ideally suited for any professional office; medical, attorney, accountant, investment, real estate and or continued insurance enterprise. This tastefully decorated and expansive office suite offers many desirable features: More than 1900 sq. ft., 2-private balconies facing east and west, kitchen, reception, multiple private offices, bull-pen, conference and ample storage. Common area baths located immediately adjacent to the suite. Utilities included. $5,500 Active

1010 Kennedy Drive 203 KEY WEST, Florida

1,912 SqFt

The BB & T building is a centrally located landmark in one of the best areas in Key West.  A prestigious location for this expansive second floor condominium executive office suite. Ideally suited for any professional office; medical, attorney, accountant, investment, real estate and or continued insurance enterprise.   This tastefully decorated and expansive office suite offers many desirable features:  More than 1900 sq. ft., 2-private balconies facing east and west, kitchen, reception, multiple private offices, bull-pen, conference and ample storage.  Common area baths located immediately adjacent  to the suite.  The CAM monthly fee includes the utilities; insurance, building maintenance and 24 hour security.  Seller financing available.  Office furnishings negotiable. $585,000 Active

1010 Kennedy Drive 203 KEY WEST, Florida

1,912 SqFt

3600 sq. feet of CBS Twin Tee Construction WAREHOUSE with 17' interior height Insulated and Air conditioned.  3 Overhead doors. Ample Asphalt  Parking Cabinet Shop, Window Shop, Endless possibilities ******* COULD BE SUBDIVIDED *********Additionally available 1000 sq. feet of office space plus upstairs apartment.  Pricing will depend on size of space that is  leased. $26 Active

Key Largo, Florida

1 Beds 3 Baths

View All

Posted in: Bed & Breakfasts, Hotels, Investing, Motels, Renting Commercial Real Estate, Vacation Rentals

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410 Caroline St.
Key West, FL 33040

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98880 Overseas Hwy.
Key Largo, FL 33037

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