To maximize your rental property cash flow, staying on top of your property maintenance year round is a priority. Your rental home will be compared to all the other rental properties in the same area, so it’s best to have one of the best homes available. You don’t need complete makeovers often, sometimes small touches makes all the difference. Hare are five things to add to your maintenance list:
Look at your rental through the eyes of a prospective tenant. Even though the walls may not be in terrible shape, they probably look worse than you think. The walls need to be painted at the end of each lease, just to freshen their look. You don’t have to hire a professional painter to paint a bedroom. For less than a hundred dollars, you can buy everything you need to paint a few rooms. Take the time to freshen your walls each year.
Not everything you do is for the tenant. Preventative maintenance is just taking good care of your investment. Plan to service your HVAC with the changing seasons. Change the filters, run the lines, and find any potential concerns before they become a major expensive problem. Check your appliances. The dishwasher, range, and refrigerator won’t last forever. Check them all to see if they need any repairs, or if it’s time to replace them. If several repairs occur in a year, it’s time to make a plan to replace that appliance.
Potential tenants eyes check out the walls and floors. If you’re willing to paint the walls, at least get your floors professionally cleaned. A good steam cleaning can make a floor look as good as new. Hardwood floors look better with plenty of inexpensive do-it-yourself cleaning solutions. If your wood floors are scratched and run down, it’s worth the money to restore the hardwood and put a shine on it. If your floors are in down, tenant’s may look elsewhere.
Curb appeal is the first thing every visitor notices. You want that first impression to be positive before they ever walk into the house. Trim your shrubs and bushes. The landscape doesn’t have to be perfect, but it shouldn’t look like a jungle. Give your lawn a nice mow, and clean up any loose leaves. Weeds along any of the edges of the property should be whacked. When a potential tenant pulls up, you want them to be excited about seeing the rest of the house.
Odds & Ends
You probably won’t be surprised to learn that potential tenants notice the little things. It could be something as small as a new shower curtain, new switch plates, or even a new welcome mat. As you walk through your rental property, think about what small things you would notice and might wish for some small change. If it costs just a little, it’s probably worth it!
Routine preventative maintenance and a little work at the end of every lease will brighten up your rental properties. A few hundred dollars and some sweat equity will help you attract better tenants and keep your property running efficiently.