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

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:

Newest Key West Commercial Properties on the Market

Prime commercial property in the heart of downtown Key Largo. 5,457 sqft commercial space available immediately for lease! Access inside via private Elevator or Staircase. Large windows for natural lighting. Current floor plan includes many individual offices but could be reconfigured. Ample parking in front and side. $12 sqft gross lease. The unit has it's own bathrooms and kitchenette area. Great visibility on US 1! Zoned Urban Commercial with many possibilities. $5,457 Active

99451 Overseas Highway 2nd Floor KEY LARGO, Florida

4 Baths 13,260 SqFt

This is the price for one lot. Total of three contiguous, commercial dry lots at the end of 20th St. Oceanside. Big bonus, each lot includes a deeded and assigned deep water wet slip! Each lot may be purchased individually or together. Each lot is 94.5' wide by 110' deep and has its own water & electric meters. Three addresses are 351 20th St. Ocean, 361 20th St. Ocean and 371 20th St. Ocean as the end lot. Each lot is part of a Fisherman's Pointe HOA with fees of $1,200 per year per lot. Lots are currently being used by Fisherman for trap repair and storage. Favorable Mixed Use- Maritime Zoning allows for many commercial uses.The MU-M zoning district is intended to establish areas suitable for uses which are essential to the commercial maritime industry, including sales and service of fishing equipment and supplies, seafood processing, fishing equipment manufacture and treatment, boat storage, restaurants, retail and affordable housing residential uses.The MU district is designated within the Mixed-use Commercial (MUC) future land use category on the Future Land Use Map (FLUM). $749,900 Active

351 20th St, Marathon MARATHON, Florida

This is the price for one lot. Total of three contiguous, commercial dry lots at the end of 20th St. Oceanside. Big bonus, each lot includes a deeded and assigned deep water wet slip! Each lot may be purchased individually or together. Each lot is 94.5' wide by 110' deep and has its own water & electric meters. Three addresses are 351 20th St. Ocean, 361 20th St. Ocean and 371 20th St. Ocean as the end lot. Each lot is part of a Fisherman's Pointe HOA with fees of $1,200 per year per lot. Lots are currently being used by Fisherman for trap repair and storage. Favorable Mixed Use- Maritime Zoning allows for many commercial uses.The MU-M zoning district is intended to establish areas suitable for uses which are essential to the commercial maritime industry, including sales and service of fishing equipment and supplies, seafood processing, fishing equipment manufacture and treatment, boat storage, restaurants, retail and affordable housing residential uses.The MU district is designated within the Mixed-use Commercial (MUC) future land use category on the Future Land Use Map (FLUM). $799,900 Active

371 20Th Street MARATHON, Florida

This is the price for one lot. Total of three contiguous, commercial dry lots at the end of 20th St. Oceanside. Big bonus, each lot includes a deeded and assigned deep water wet slip! Each lot may be purchased individually or together. Each lot is 94.5' wide by 110' deep and has its own water & electric meters. Three addresses are 351 20th St. Ocean, 361 20th St. Ocean and 371 20th St. Ocean as the end lot. Each lot is part of a Fisherman's Pointe HOA with fees of $1,200 per year per lot. Lots are currently being used by Fisherman for trap repair and storage. Favorable Mixed Use- Maritime Zoning allows for many commercial uses.The MU-M zoning district is intended to establish areas suitable for uses which are essential to the commercial maritime industry, including sales and service of fishing equipment and supplies, seafood processing, fishing equipment manufacture and treatment, boat storage, restaurants, retail and affordable housing residential uses.The MU district is designated within the Mixed-use Commercial (MUC) future land use category on the Future Land Use Map (FLUM). $749,900 Active

361 20th Street MARATHON, Florida


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