By Spencer Angland, Marketing Coordinator, Flooring Depot of Panama City
Summer’s over, and fall is here. The change in seasons also means a change in the rental landscape. The rental market slows down a bit as school gets into full swing and families are focused on those activities. If you own a rental property, fall is a great time to begin working on that property and getting it ready for the next rental season. Using this downtime to make needed repairs and improvements will help increase the value of your property and rental appeal before the next busy season.
One of the best investments that you can make in your property is the flooring. An investment in flooring is an incredible way to increase the overall value of your property. In some cases, installing new floors can increase the value of your property by 2.5 percent. Quality floors can be a game changer for your rental property and can provide returns that may not be reflected in the dollar value of your home. Vacationers want to find the nicest place available in their price range, and beautiful new floors could be the tipping point that makes people lean more toward your property instead of someone else’s.
Another reason that fall is a great time to renovate your rental property is that you won’t have to wait long before you start seeing a return on your investment. After the dip in tourism during the fall, there tends to be a huge resurgence only a few months later, for one simple reason—the holidays. The weather may not be as nice as it is during the summer, but there will be no shortage of tourists trying to find a property to rent for their family’s holiday vacations. Taking time to renovate your property during this part of the year could be almost as detrimental as taking time during the summer when every day that you don’t have someone in your property is a day you aren’t making money. If you want to increase the value of your property at the lowest opportunity cost, you need to take advantage of the dip in tourism between summer and the holidays.
As a property owner, you know that not everyone cares for your property the way that you would. So, finding something both durable and beautiful is key to maximizing that rental income. Flooring that’s popular in Florida because of its durability is luxury vinyl plank (LVP) and tile. Both are extremely durable and will hold up to Florida’s high humidity, water, and the high traffic volume of a rental. Whether you’re looking for a design that’s beachy or coastal or something more traditional for your space, these options come in beautiful colors and patterns. The sky is really the limit when it comes to what you can choose.
Tile and LVP are great options for the rental market, but it also boils down to budget and what you want to spend on your property. It’s important to choose something nice, but don’t over-improve because of the very reason that we mentioned earlier—not everyone will treat your property like you would. So, durability is important, it just doesn’t need to break the bank.
Flooring Depot of Panama City can help you choose the best flooring option for your rental property, which hopefully in turn, will raise your rental demand and rental income just in time for the next wave of families and vacationers to arrive for the holiday season.
If you want to know more about how Flooring Depot of Panama City can help you find the perfect floors for your rental property, please give us a call at (850) 785-2216. You could also stop by one of our two locations, and we can help you with all your flooring needs!