--- title: "What to Expect When Renovating Your Lexington Park Investment Property (Post-COVID)" description: "Now that the pandemic is easing up and life is returning to normal, you can focus on fixing up pending issues you may have been procrastinating." url: https://realpmgold.multisites.ai/renovating-post-covid-662 publisher: Real Property Management Gold phone: +1-301-392-2172 assessment: https://realpmgold.multisites.ai/contact-us#assessment --- # What to Expect When Renovating Your Lexington Park Investment Property (Post-COVID) MaintenancePublished June 29, 2021Updated April 11, 20242 min read ![3D rendering of a house undergoing amplifying renovations with an energy chart, blueprints and other documents](https://realpmgold.multisites.ai/media/istock-1250496484-e98f66.webp) Like everyone else, you have experienced challenges and disruptions to your life because of the COVID-19 pandemic. You have had to contend with restrictions if you have an investment property business. Now that the pandemic is easing up and life is returning to normal, you can focus on fixing up those issues with your properties that perhaps you have been neglecting. Whether the costs of your planned renovations are [included in the homeowner’s insurance](https://www.thisoldhouse.com/home-finances/21314387/what-is-homeowners-insurance) or will be out of your pocket, you need to be prepared to get a good return on your Lexington Park investment. ## There May Be Plenty of Little Things to Address When you think about renovating a rental, the first thing that comes to mind might be the significant issues. These may include replacing the roof, installing a new HVAC system, or taking out the carpet and putting in hardwood. But your project will most likely require updating smaller items such as outdoor lights, front and back doors, light fixtures, and cabinet hardware. Though seemingly insignificant compared to more expensive repairs, these issues can make a big difference in your project. ## Raising the Rent Will Be Tough to Justify if You Don’t Spend the Money Naturally, as you do your renovation project in Lexington Park, you will think about raising the rent. Doing so will add to your bottom line and help you recoup your costs. Be prepared to spend some cash upfront if you want to find tenants willing to pay what you are asking. Some renovations will warrant a rent increase. For example, if you put in a new furnace and air conditioner, tenants will have peace of mind knowing that these systems will be efficient and provide comfort during harsh weather. Brand-new windows are also attractive to potential renters. When you put these types of items in the home or apartment, people are much more likely to pay an increased rent price willingly. ## Budgeting Is Crucial ![Young couple standing in their apartment while woman holding blueprint and man showing her new ideas.](https://realpmgold.multisites.ai/media/istock-1139355288-0bfdb6.webp)COVID-19 wreaked havoc on the finances of many people. Regardless of how well you were doing before the coronavirus hit, you probably learned a lesson or two about how to manage your business financially. Now, more than ever, you need to place a premium on budgeting. It is not good enough to roughly estimate or ballpark expenses. You need to get specific and accurate with your forecasts. Make a list of every line item and record down to the penny how much you need to spend on each area of the renovation. ## You May Need to Do Some Work Yourself Even during COVID-19, real estate and home renovations were booming. This trend does not seem to be slowing down. There is tremendous demand for repair services, so finding professionals to handle your job might be difficult. Don’t be afraid to get your hands dirty and spend the time and effort doing some renovations yourself. You can find success in your investment property business. When it is time for renovations, keep these issues in mind. First published by Real Property Management Gold on June 29, 2021. Details may have changed since then; current rules are in the [Landlord Center](https://realpmgold.multisites.ai/landlord-center). ## Keep reading - [Smart Property Management Strategies for Rental Owners in California, MDCalifornia, Maryland is part of the Southern Maryland rental market and benefits from consistent housing demand driven by military activity, \[…\]](https://realpmgold.multisites.ai/smart-property-management-strategies-rental-owners-california-md) - [How 3D Virtual Tours Improve Rental Property Marketing & Lease FasterStand out in a competitive rental market. Learn how to use 3D virtual tours to showcase your property and attract quality tenants.](https://realpmgold.multisites.ai/virtual-walkthroughs-rent-your-property-faster-661) - [Protecting Your Southern Maryland Rental Property: The Importance of Professional ManagementAre you a DIY landlord in Southern Maryland? Protecting your investment is crucial, and it can be a full-time job. \[…\]](https://realpmgold.multisites.ai/protecting-your-southern-maryland-rental-property) ## Ask what your home could rent for. Free. A free rental assessment from our offices in Lexington Park and Waldorf. No cost, no contract, no pressure. [Request a free assessment](https://realpmgold.multisites.ai/contact-us#assessment)[(301) 392-2172](tel:+13013922172)