Nearly 45 million Americans rent a home or apartment. In fact, more people rent now than at any other time in the past 50 years. The large number of renters on the market has lead to an increase in the purchasing of things like rental homes and apartment complexes. There are many ways to choose the best investments for better rental income.
Most investors realize that properly maintaining their rental properties is the only way to keep them full and prosperous. Finding the right additions for your rental properties is no easy task. With the right additions, you can make your rental properties more appealing to potential tenants.
Think about adding these following investments to your property to increase rental income.
1. People Want to Rent a Home That is Secure
When providing potential tenants with a tour of a rental property, there are a few things you need to highlight. For instance, if you have a security system in place, you need to show tenants this so they will see how seriously you take their safety. While a security system will be a bit expensive, it is definitely a great investment.
Before choosing a security system for your rental property, take the time to find out more about how easy the system is to maintain. The addition of wireless security systems can be a huge advantage. These systems are both affordable and extremely effective. With the help of professionals, getting one of these systems in place will be a breeze.
2. Installing Better Countertops is Crucial
One of the main concerns you should have as a rental property owner is making your investment appealing. Going through and inspecting your properties on a regular basis is vital. When performing these inspections, be sure to take a look at the countertops in the kitchen.
If you want to increase the appeal of this area and make it more functional, then new countertops are a great idea. Adding stone countertops will make the kitchen more eye-catching, which can help you attract higher-quality tenants.
3. Hire a Property Management Company
Making sure your tenants are well-taken care of is important. When tenants have a repair issue in their home or apartment, getting them fixed in a hurry should be a main concern. Most property owners don’t have the time or the skill needed to do this work on their own, which is why hiring a property management company is a good idea.
These companies can handle everything from property maintenance to tenant screening and everything in between. Before hiring a property management company, a homeowner needs to find out more about the experience they have. Checking the reviews a property management company has can help a person find the best company to work in a hurry.
4. Replace the Roof on Your Rental Property
As time goes by, the vital systems your rental property has will start to deteriorate. One of the most important parts of your property is the roof. If the existing roof is old and leaking, having it replaced is a must. The longer you allow the old roof to remain in place, the harder it will be to avoid serious damage.
Not only will a new roof help to prevent damage, but it will also make your property look better. An experienced roofing contractor can help you get a new roof in place quickly and correctly.
5. Getting Better Windows Installed
Finding ways to make your rental properties more energy efficient is also important. One of the main sources of energy waste is drafty doors and windows. Having drafty old windows replaced with new and more energy-efficient ones is important. This upgrade can help you save money and increase efficiency, which is always a good thing.
Don’t Neglect These Investments for Better Rental Income
Ignoring the need for upgrades and rental property maintenance is a recipe for disaster. Rather than dealing with the problems this can cause, you need to view updating and maintaining your property as a priority.