When you make the decision to have an investment property, it’s recommended to take the time upfront to make it as damage proof as possible.
That way, you’re not spending thousands of dollars rehabbing the home after every tenant.
REI Liaison Property Management has some great ideas to help investment property owners maximize their return on investment, while minimizing costs:
Get rid of the carpets. Estimates show that carpets last only three years before they need costly and time-consuming steam cleaning. Tile, vinyl, or laminate flooring are easier to clean and show less damage, and they’re not much more expensive than carpet when you take the frequency of replacement and cleaning into account.
Remove luxury, non-essential items and systems. Examples include water softeners, humidity systems, reverse osmosis systems, security systems, and swing sets. These items are often costly to maintain, repair, and replace. Save yourself the hassle!
Keep the landscaping simple and maintainable. Plant native, drought-resistant plants and grasses that require little water and are slow growing.You can also install a simple irrigation system in order to keep the plants watered without having to rely on your tenants.
Paint walls with satin or semi-gloss paint and stick to one or two colors throughout the home.This type of paint is more durable and easier to clean.
Install door stops and closet door bumpers. These will go a long way to reduce dings and dents on the walls.
Create a mudroom or changing area near exits to the outside. Have a space where people can remove and store dirty or wet clothing and shoes before entering the home.
As a rental property owner, you want to maximize your income. Which can mean spending a little more upfront, such as tile or paint, in order to avoid more costly repairs down the road.
REI Liaison is a full service residential Property Management and Leasing company serving the St. Louis, Missouri area.
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American Apartment Owners Association offers discounts on products and services for landlords related to your rental housing investment, including rental forms, tenant debt collection, tenant background checks, insurance and financing. Find out more at www.joinaaoa.org.