As a real estate owner, you know just how high the costs can be to maintain your property, whether it’s maintenance and repairs, or tenant turnover. While these costs can seem a little overwhelming, there are multiple reasons why it’s necessary to keep your property up to par. Beyond the tenant’s rights, it’s actually a matter of taking care of your investment and making sure you can maximize your return. Here are some things you can do to build value while owning an investment property.
- Remodel – While this option might sound a bit extreme, it’s actually exactly what many rental properties need. In fact, you could take a condo priced at $1,200 per month, and increase it to $1,600 per month just by updating the appliances and décor inside the condo.
- Frequent Inspections – Inspecting the rental property on a regular basis will help you keep an eye on damages throughout the duration of the lease as well as take note of issues that could potentially become larger issues if not addressed sooner rather than later.
- Energy Efficiency – By installing appliances that are energy efficient, you can get rebates and kickbacks from the government and if your tenants are responsible for paying some of the utilities, you’ll be offering more value to the rental property.
- Landscaping – Just by adding a flower bed and some flagstone, you can take your investment to new heights by giving the outside of the property an update as well. Maybe even consider painting to bring your investment property new life.
- Good Reputation – If you are responsive, perform your duties to the best of your ability, and treat tenants fairly, this builds good rapport and may lead to tenants positively reviewing you online or through word of mouth, all of which adds value to your investment property.
Getting the biggest return on investment with a rental property might seem somewhat unreliable. Not knowing what the costs of repairs may be, how often your tenants will turn over, what unforeseen issues may arise…the uncertainty can make you second guess your decision to invest in a rental property. You need to remind yourself of the long term picture, that investing in real estate today can really pay off down the road. By simply remodeling, performing inspections, and being energy efficient, you can maximize the return on your investment. If the commitment should seem like too much for you to handle, consider hiring a property management company. They can perform inspections, and are readily available to perform maintenance on the inside, as well as the outside of the property. If you’re in need of a property management company to help you maintain and look over your property, call Bridgeway Property Management today.