Penny Pinching Rental Properties - Part 1
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High quality units beget high quality tenants. Maintaining a rental in top condition( both its interior and exterior) equals better tenants and higher than market rents. What can I do to improve my units?
Contemplating between rental upgrades and increasing rents is not an easy task, more so if you have to hire the services of contractors to do it for you. But if you can do majority of the upgrading, your investment now will be well worth it in the long run because after the improvements, you can now charge above market rents, get responsible tenants and these tenants will stay long with you because they know that you do periodic maintenance on their units. When choosing rental projects, your objective is to find a property that is a cut above the rest of the other apartments or units that potential renters are sure to look at. You have to provide your renters rationale to give you higher rent for the same living space. Repainting and some thorough scrubbing will do wonders for your property. Painting your rental property an interesting or classy color will lend a good and harmonious atmosphere to it. People will want to stay longer in it and that means more annual contract renewals for your units. Besides the regular maintenance that should be done anyway, it would be good for you to consider more expensive projects that will increase not only its leasing value but also its resale value, if and when you do decide to put it in the market. Remodeling your kitchens and bathrooms are examples of these projects. If you make an intelligent choice when it comes to the fixtures, furnitures and accessories to be used for these rooms, then they will serve you for a long time to come. Choose colors and decors that fosters a relaxing and soothing ambiance for these two rooms.