If you have purchased or inherited an older building and mean to use it to rent out, there may be a couple of things that you need to do first. Unfortunately, not every home is move in ready, even if someone was living in it up until it came into your possession. This is often found when older residents had been the most recent owners, but it can happen with just about any building that you find. If this is something that you have run into, then you likely have to do quite a few renovations.
Renovations can be extremely scary and daunting. As an example, I know that the home I grew up in needs to be heavily renovated if I want to use it as a rental space. In fact, everything will need to be pulled out, the wiring throughout the house redone, and the extension fixed due to a sloppy job that was done before my parents purchased it. The house was built in the 1960’s during a housing boom in the area and this is a story that we hear time and again. Poor workmanship when the house or building was put up can cost you a large amount of money down the road, so you always want to make sure that you are ready for that possibility.
Even if you don’t have to strip a house down to the studs, something may still need to be done before a resident can move in. You may want to knock down a wall that has no purpose (just make sure it isn’t a supporting wall), or maybe you want to add an expansion to one of the corners of the house. After all, an extra bedroom or even just another bathroom can be a huge selling point for someone who is trying to start a family or has simply outgrown their one bathroom residence.
The main thing to remember when doing renovations is that it is okay if you don’t do everything yourself. Not everyone can be a master contractor and there’s nothing wrong with that. Just don’t cut any corners or it may end up being very unsafe for those who are going to move in, and by extension you. Call around and talk to some people for a little bit of help and you will be much better off.