Whether you’ve just bought an investment property or already own one, lets talk about some ideas that can help make your investment more cost efficient. Being a landlord can be costly but there are ways that you can invest in your rental property which will stand the test of time and be more cost effective over the long haul.
Owning a rental property can mean long term or short-term tenants, but either way, there are some things you can do to keep your overall costs down. First of all, flooring is something that can be expensive. If you think about carpet for example, you could be replacing carpeting on a regular basis once a tenant moves out. With normal wear and tear, not to mention pets or
children, there is only so much you can do to clean a carpet before you would have to replace it for a new tenant. This is why tile or another hard surface flooring would be more desirable. It may be a bit more money to install initially, but the upkeep will be much less expensive in the long run seeing as you will not have to replace it often like carpet. Also, picking a neutral color will be more desirable to a prospective tenant giving the fact that we all have different tastes in decor.
Speaking of color, this is another thing to think about when painting your rental property. Try to also pick a neutral color for the same reasons of picking neutral carpeting as it is more universal to most tenants. When painting your rental property using an eggshell or satin sheen is desirable because you and your tenants can actually clean the walls if they become somewhat dirty unlike using a flat paint. This can keep you from having to repaint every time you’ve acquired a new tenant.
Before you rent your property, make sure that all of the appliances are working properly. From the kitchen appliances to the HVAC system, you’ll want to make sure everything is in good working order to prevent unnecessary costs. Maintaining your HVAC system with a yearly maintenance service from an air conditioning or heat company can prevent costly repairs or even replacement. Another idea for your appliances would be to look into an appliance warranty policy which will keep costs down when having to repair or replace those potentially expensive appliances.
All in all, keeping your rental property cost efficient and in good order is a positive experience for all involved and going the extra mile to protect your investment is always a worthwhile endeavor.
If you need more information on this topic or would like some help during the home selling process, please contact the experts @ Siesta Title and Escrow at 941-889-7744!