In real estate investment, when you own a rental property your goal is always to make financial gain from it. This therefore means that you need to invest smartly when it comes to renovations. Do not be too stingy or to extravagant.
Flooring is usually one of the most important aspects of renovating needed in a rental property as it enhances the look, personality and even value of the house. It is probably the first thing you notice when you walk into an empty house.
As you decide to do your flooring, you must factor in the rate of abuse the floor will be exposed to, your goal which is making money and the function of the room. Here are 4 best floor types to consider.
#1 The carpet option
The beauty about carpets is that they have really good insulation which helps in cutting down on your energy bills and they also keep noise to a minimum. The downside is that they easily stain, can be difficult to clean and patching up when damaged can end up becoming an eyesore. Carpets are best for the bedrooms and living rooms but not a good option for kitchens, bathrooms and entryways.
#2 The Tiling option
Tiles whether ceramic, porcelain or stone are a very good flooring option because they are easy to clean, water resistant and they are durable. They also come in a variety of price ranges hence can be done on various budgets. The downside is that tiles are not a good insulator, they have a tendency to crack, some types need polishing to maintain their look and most importantly, they require skill to install meaning an extra expense to you. They work really well for kitchens, bathrooms, basements and common areas.
#3 The hardwood option
The beauty about hardwood is that it can last a lifetime if the quality of the wood is right, it gives you an option to refinish, and does not react to moisture changes if it was engineered hardwood. It is also relatively easy to clean. The downside is that it can be expensive, requires skill to install meaning an extra cost on you and it is susceptible to water and sunlight damage. It works really well in the living and dining rooms, bedrooms and offices. For obvious reasons, it is not good idea to install it in the bathroom.
#4 The lamination option
The beauty about this option is that it is really affordable when compared to other options like hardwood, it is easier to install, and resistant to scratching. The downside is that it cannot be refinished, it tends to chip and has a much shorter lifespan in comparison to the other options above. It is a good option for the living, dining and bedrooms, and the office. It is however not recommended for the kitchen and basement.
There are many more options available but we thought these are the top options for you to consider.
As a real estate investor, it is always upon you to do your research, do the math and ensure the finance bit makes sense to you as this will guide your renovation options.