As the owner of a rental investment property, every now and then you may want to squeeze in some renovating. Timing is key! A good time, for example, might be right after a tenant moves out (if the window is large enough before a new tenant move-in).

As you plan and brainstorm any renovation, you will want to first create a cost-benefit analysis before starting any work. When you compare the projected or estimated costs and benefits (or opportunities) associated with a project, it makes it a little easier to decide which choices make the best sense for your property from a business perspective.