Have you just picked yourself up a new property rental as an investment? Real estate and property rentals can indeed be a great investment choice in this day and age. Many properties are being sold at a discount compared to what they used to be worth, especially when you’re talking vacation properties. Four years ago, I purchased a property rental. While I purchased it to invest in my own retirement vs renting it out, I know quite a bit about this industry.
I live in a building with tons of other condos on the beach, and so I know how the property rental business works. If you look at keeping your property perfect, you might not rake in the dough as much as you’d like. However, you have to strike a delicate balance, as you want everything working and looking nice for the renters. That’s where the cost efficient tips for sprucing up your new property rental come into play.
Have you ever heard the tip ‘put some lipstick on it?’ You’re not going to need lipstick for your property of course, but one way you can take this advice is to slap on a new coat of paint. You can even simply touch up the paint instead of painting the entire interior. How quickly are your renters going to be checking in and out? Around here, it’s every few days, a week and during the off-season, sometimes a month.
That being said, property managers need to have maintenance and upkeep on a schedule. Take a look at what needs to be done to your property right now, making a list. I’ve told you that painting is one good quick tip to keep everything spruced up and looking nice. Before you do anything else, you need to know what needs to be done so you can find out what is next for you to do on your budget.
Some big projects might need to wait. For example, many of the people wait around here to lay a new floor and things like that until it makes good sense to do so. Every rental property is also different so that list of things that needs to be done might be different from what is done to the properties around here where I live. For example, you might not need a new large commercial curtain to go in front of an over-sized sliding door.
Artwork and other types of decor to go on the walls can always be a nice touch. Have you considered switching out the bedding? Is there a good spot for a nice area rug? That is one of the things I did to my rental property. I stay in mine full-time, so mine looks a little homier than many of the other condos. How do you want yours to look? Pick the cheapest things on your list and start there before you kick off your new career renting out properties. And as for the rest, create a budget and a schedule to get those things done when necessary.
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