There are different mindsets required when repairing and renovating a rental property vs. a flip property.
A tenant looks at a house to rent as a temporary living situation. All they really care about is having a nice, safe, clean, odor-free home to live in for the duration of their tenancy. A home buyer, by definition, is looking for something a little more permanent and will care more about layout, lighting, fixtures, finishes, etc.
Expensive finishes really are not necessary unless you are looking for a premium rent on an executive style home. As the landlord, you have to bear in mind that many of your repairs will have to be repeated when that tenant leaves before you rent out the property again. It only makes sense to control those renovation costs.
For a rental property renovation, you want to use affordable, durable products that look good but are not terribly expensive. Chances are, your rental income will be the same whether you invest in real hardwood, or vinyl tile for floors.
For a flip renovation, smart investment in key items will maximize the potential profit in your flip. You could potentially have a faster sale, at a higher dollar value if you have some higher end finishes and products where it counts.
For more information, please visit http://www.flipuniversity.com.
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