How To Tenant Proof Your Rental
When we consider rental properties, our #1 fear as landlords is the safety of both the occupying renters and the property itself.
Longevity, longevity, and longevity of the agreement is what one should always keep in mind! Now this holds true both for lowering renter turnover and the investments within your property that offer the best returns.
Landlords, whether fresh to the scene, or pioneers of the industry, will have gone through many hoops and hurdles.
Now what does this entail?
As for depreciation, according to the Kitchener-Waterloo Association of REALTORS®, this is easily negated by the trends in Kitchener-Waterloo, as The average sales price of all residential properties sold in 2016 increased by 10.8 percent.
However, when we consider the month-to-month bottom line, there are a few things to consider that will help put more money in to your pockets, and a prolonged and enjoyable experience for your tenants.
When presenting a budget, it’s essential to always highlight the important upgrades; starting from the inside out.
LAMINATE HARDWOOD WILL DO YOU GOOD
It’s key to go out with the old and in with the new. Carpets are notorious for locking in odours, mildew, and moisture, and hiding any deterioration that your sub floor has suffered. Remember, that it’s not you who is living in your rental property, and that is why LAMINATE HARDWOOD will lift the worry for both the owner and the occupant. You will never find a tenant saying ‘no’ to hardwood. It adds a sense of sophistication to the home, durability, and let’s not forget, it is easy to clean.
CLEAN THE HVAC, IT WILL SAVE THE HEART ATTACK
If you’ve blessed your tenants with central air conditioning, be sure to monitor this commodity with scheduled servicing and maintenance. Given the infinite amount of cleaning services offered on Groupon and by local HVAC cleaners, you can rest assured that you will be saving thousands of dollars in the future. Not only do these specialists have the proper tools and eyes to clean even the tightest of bends in your central heating and cooling systems, but you will have the guarantee that the life source of your home will run smoothly and efficiently.
*Top Tip: Take on the responsibility of changing the air filter.
INSULATING AND ROOFING FOR PROOFING
*Gutter maintenance will ensure proper rain waiter distribution.
When we consider insulation and roofing, we tend to think; hear no evil, see no evil. Not only will a properly replaced roof and insulated building lift the pressure off of your utilities and appliances, but will also ensure that your home is suitable for tenants. Roof deterioration is one of the most neglected repairs on both residential and commercial homes. An overlooked roof leads to leaking, rotting, weakened infrastructure and just an overall mess.
THE TRADESMEN ARE YOUR FRIENDS
* Ask me for my vetted tradesmen that I use personally
The Internet is our friend and as are those who are professional plumbers, roofers, electricians, and many more. With Google at our fingertips, we have a plethora of consumer reviews, certified verifiers such as the Better Business Bureau, and professional licenses (‘master’ for electricians). Do some research, and use your own discretion to find and build a trust with your contracted repairmen. They will ensure that the work is done efficiently, properly, and lastly well inspected by a professional.
IT MAY BE STEEP, BUT DON’T GO CHEAP
The inside-out model was designed to help you spend your dollars wisely. Don’t go decorating the exterior with immaculate landscaping and beautiful finishes when the inside of the dwelling is in need of some serious refining. If you’ve heard of the saying, ‘You get what you pay for’, the same holds true with products and services. Again, the emphasis is on research and your own discretion for the proper use of your own funding. Ensuring that everything is up to par with your tenants is a great way to cut costs; in relationships communication is key. To the homeowner, ongoing repairs are not.
With proper maintenance and due diligence, investment properties can be a very lucrative asset. For more information on tenant-proofing your home and for prospective rental properties, feel free to contact me at email@example.com and at 519.500.9950