Increasing crime rates near your community may have residents up in arms – literally – seeking better security for their homestead and their loved ones that occupy it. Whether you own or serve as the property management company for a multi-unit housing complex, make residents and homeowners’ safety a priority in 2014 by considering adding a security patrol to your agenda.
Maintenance and repair costs can eat quickly into any landlord’s income, especially first-time landlords that don’t adequately protect themselves. If you’re looking for some ways to reduce your overall maintenance and repair costs, you’ll need to plan things through from the very beginning.
As the owner of rental properties, whether it be one or multiple units, annual inspections are a vital part of the process. Sometimes, you might have a long-term tenant that religiously renews that lease year after year – and you appreciate that. However, unless you employ a property manager to handle daily operations, property upkeep is your responsibility and you’ll need to perform the occasional inspection while a unit is still occupied.
Rental property renovations open the doors for financial rewards through potential rental or selling price increases. However, deciding which renovations to undertake that will ultimately reap the most benefits can be complex. Interestingly, there’s a lot of advice offered by real estate professionals about which renovations are most worthwhile for investors, and these experts know what improvements renters really want.
The key to increasing your rental rates or market value may lie within one simple concept – establishing a timeless look with your rental property renovations. When you think of classical designs, thoughts of Roman architecture may come to mind, or perhaps you’re remembering a common oldie: that checkerboard patterned black and white tile floor. Classical yes, timeless – not by a long shot.
Wise investors realize when it’s time to renovate or remodel their rental properties, but deciding what projects to do and how far to take the transformation requires thoughtful consideration. Beyond the immediate or long-term potential return on investment (ROI), other solid reasons to renovate rental units include: