Vinyl plank flooring, also called “luxury vinyl plank” or “LVP,” is a great flooring option for your rental home. It’s affordable, durable, and easy to install. Though there is new technology in carpeting that has made things easier for landlords, vinyl plank flooring is possibly an even better solution for whole home flooring.
Luxury vinyl plank can give you the durability you need without having to replace flooring with each tenant turnover, if you choose a good product. Vinyl plank flooring can give you the look and texture of real hardwood floors. Plus, it is easily cleaned so that you don’t have to rip out and replace flooring with each new tenant.
Obviously, as the owner of a rental home, cost matters. You can find quality vinyl plank flooring for the cost of quality carpet. For a homeowner who lives in the house, this makes LVP an equally appealing flooring choice. Yet, for the rental home owner, it offers an enormous cost savings. Affordable flooring becomes even more affordable when it lasts. You can expect to pay between $3 and $5 per square foot for great quality LVP to suit your tenants’ needs.
We touched on this in the cost category, but it deserves its own category as well. Unlike hardwood flooring, quality LVP won’t scratch. This is where LVP really shines. It’s incredibly scratch resistant and it’s stain resistant. We highly suggest getting waterproof vinyl plank flooring, because regardless of your pet policy, you may see pet spills. Let’s face it, tenants don’t always honor their end of the deal and regardless of the security deposit you collect, flooring is often among the biggest hassles of cleaning up after a tenant that moves out. Also, if some of the vinyl plank flooring is somehow damaged, because of some kind of tenant fiasco, you can easily replace just parts of it.
Ease of Installation
Installing LVP is a snap, literally. You won’t need underlayment, nail guns, or anything special. Vinyl plank flooring “floats” on any level surface. It clicks together. You need no adhesives or anything. This is a huge advantage, because that means that even if you normally contract out your labor intensive jobs, you can probably install this yourself. Plus, because of the durability factor, it won’t be something you need to do frequently.
Are You Looking for a Hard Money Loan to Flip a House Or Buy A Rental Property?
Paces Funding is a hard money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, or the North and South Carolina metropolitan areas. Our application process for hard money loans is easy. Just fill out this very simple online form and you will be contacted shortly. Unlike other lenders, the window between applying and funding is very small. We have funded properties in as a little as one day, but typically funding hard money loans takes about seven to ten days.
Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.