Buying rental properties can increase a person’s return on investment (ROI), allow for diversification of their portfolio, and create a steady flow of cash. Savvy investors even hire property management companies to ease the burden of rental property ownership. To keep your investment producing revenue, it’s important to take care of your investment.
Renters want to live in nice, clean places. Often, renters are often drawn to homes that look well taken care of – both inside and out. The problem is some tenants don’t take care of your property, which means the property will look run down when they leave. The good news is this: for under $500, there are several things you can do to make your investment look great again.
When people move in or out of a home, there’s a good chance they might bump into a wall while moving furniture or boxes. If this is the case, do some quick touchups with paint to cover the spots where the paint has chipped.
The majority of people like bright homes, so you can paint a main room a lighter color as well. Lighter colors tend to make spaces look bigger, which helps with attracting renters. You might consider looking at what the trending colors are and paint an accent wall, which can easily be painted over when the trend changes or a new tenant moves in.
While you probably can’t redo the carpet throughout the house, for under $500 you can do one room if there’s a need. Rooms with heavy traffic, or areas where pets may have been allowed, are often a great place to start.
Addressing Roof Leaks
Water damage can end up costing thousands of dollars if it isn’t addressed. For under $500 you can easily fix roof leaks by repairing damaged areas. This will also prevent wall, furniture, or other items inside the home from being damaged, which can be costly. In some cases, if you hadn’t properly repaired the roof, it could mean you have to pay for replacement costs for your tenant.
Radon Fan and Exhaust System Installation
Colorado has high levels of radon throughout the state. Radon is a naturally occurring radioactive gas that is produced when uranium in the soil decays. Radon seeps up through the ground and can easily enter homes in small gaps in the wood or through concrete over time; it can be found in ground water as well. When radon is present in a home, it decreases the quality of the air and is known to be the number one cause of lung cancer in non-smoking individuals. The gas is odorless and colorless – making it even more dangerous. For a skilled handyman, a radon fan and exhaust system can be installed for under $500, and is a great selling point for future tenants.
While there are numerous little upgrades you can make to your property, one of the biggest ways to save time and money is to hire a property management company like Stars and Stripes Homes, Inc. Stars & Stripes offers full service property management so you can focus on the things in life that matter most.