Consider all options when replacing flooring in Rental Properties
In today’s rental market, investors are able to ask top dollar for their residential investment properties. In going through the marketing process, one very important item on a prospective tenant’s want list is to have clean and updated flooring.
If you are on the fence regarding the type of flooring you should use on your property, this should be of interest to you. We show many properties throughout Ventura County and have quite a bit of experience listening to the comments people make as we show them rental homes and typically it’s the flooring. We know it is important to owners to get the most return on their investment. There are times, however, that spending the extra money for a needed flooring upgrade will pay off in the long term. The big decision is between carpet and laminate.
When looking at flooring, you can experience sticker shock when you see the price difference between laminate and rental-grade carpet. The difference can be about three times as expensive. While this may seem prohibitive, think about it from a different perspective.
First of all, time is money. Whenever I have a property with attractive laminate flooring, it will typically rent a bit quicker than one with rental-grade carpeting in the same area and price point. Renters also have reasons for wanting laminate or hard-surface flooring. This is much more common than in the past, and there are many renters who are only looking for houses with laminate flooring. Among the concerns are allergens that can hide in carpets, which are harder to keep disinfected. Renters also prefer laminate since it’s easier to maintain and offers an upgraded look with a neutral palette, which will typically look good with most people’s furniture and décor. Remember, you are in competition with other properties in your rental market, and those that are upgraded will rent quicker and command higher rents.
Consider the longevity of the product you choose. Even the best carpet with good padding can look worn after a few short years, especially if not taken care of properly. There are some carpets you can purchase with new fiber technology that promises lasting durability for years. This carpeting can be pricey, and even a premium grade can be damaged irreparably after one tenancy. While the initial cost of laminate may be more, remember that you won’t have to bear the reoccurring cost of changing out carpeting every few years. You should be able to get 15 to 20 years of use out of laminate. If there is damage to the laminate, it is an easy fix to replace a board or two. Be sure to purchase an extra couple of boxes to store in the garage for such a time.
When choosing flooring, keep in mind the style and location of your home. I managed a house in Topanga Canyon where the owner installed white carpet during a remodel. Obviously, it reflected his own personal taste but was not an appropriate choice for the area. This one decision resulted in his home sitting on the market far longer than it should have. In fact, most people who wanted to see the property walked in the front door, saw the carpet, and abruptly walked out without touring the entire house. Those who stayed asked if the owner would be willing to change the carpeting out for wood or laminate.
When it’s time to make a change, it is important to take your rental market into consideration. Look at other rentals and price points in your area to make the best choice to give you the least amount of vacancy time and the most return on your investment.
Stephanie Wood is a broker and property management specialist with Preferred Property Management and Real Estate in Ventura. Do you have a question regarding rental property as a landlord or tenant? Send questions to stephanie@gowithpreferred.com.