Keep it Simple When Renting Houses

Andrea B | Thursday, May 14, 2020

You do not need to reinvent the wheel when preparing rental unites for renters. Unless your targeting an exclusive neighborhood, it isn’t necessary to include all the bells and whistles in your rentals. In fact, offering high-end appliances and luxury touches could be money down the drain for most landlords. Your goal, as a landlord, is to turn rental units around quickly, with minimal investment, so it can provide a sufficient return on investment. These ideas will help.

Shop for Second Hand Rental Unit Appliances

Appliances

The appliances you provide for your rental units, usually only refrigerators and ranges to keep investments and repairs minimal, need to be clean and operational. They do not need to be the latest models. And, you honestly don’t want them to have bells and whistles, like ice makers, water filters, etc. Those features, while they may make the unit more attractive to some renters, equal more repair and replacement work for you.

Second-hand appliances can provide affordable products for you to use in rentals that require minimal investment from you and may provide years of service for your tenants. Even if they require more frequent replacement, if you shop wisely and get good deals, you’re still ahead of the curve financially.

Stick with Basic Flooring

Wood Look Flooring

While plush carpeting and luxury hardwoods may sound like attractive options to attract renters, the maintenance and upkeep will prove unattractive to you as the property owner. Tenants aren’t as likely to be mindful of the investment you’ve made in the flooring. They may ignore spills, move around furniture, and do other things that damage your beautiful, expensive floors. Instead, choose low-cost and durable options. You want floors that can handle spills, scrapes, and a few unruly tenants along the way.

Things like carpet tiles are outstanding flooring choices as you can replace the damaged tiles quickly, decreasing vacancy times between tenants. It’s also an affordable choice as you only replace damaged tiles rather than entire rooms. Wood-look flooring is another great option that offers many benefits. Wood-look flooring helps create a modern space for the rental. Plus, they are affordable, easy to maintain, and durable – not to mention popular.

Remember, Time is Money

The more time it takes to turn over a rental property, the more money it costs you. Spend as little time as possible with things like choosing paint colors, go with a universal paint color for all your rental units and save yourself the agony of trying to match colors in the future. It makes things like patching and touching up between tenants a snap.

The more rental units you purchase, the more demanding your responsibilities become – unless you have an effective system in place to help you with things like maintenance, upkeep, and turnovers when they become necessary. Consider outsourcing jobs you’re not sure you can handle or you know you do not have the time to manage on your own and don’t forget to keep up with routine maintenance so that it doesn’t become a larger problem for you in the future.

Owning rental property and acting as a landlord can be profitable. The more properties you own, the greater the profit potential becomes. These tips will help you improve profitability without investing unnecessary time, money, and energy in the process.

About The Author

Andrea B. is an excellent researcher and can write in a casual, informal, or formal voice. Her writing really shines when writing casual-voice articles that are both informative and entertaining.

She has dedicated her time to and attention to writing on topics such as real estate, travel, business, marketing, Internet marketing, work from home, work/life balance, health and fitness,human resources, insurance, and technology.

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