Owning a rental property can be a great way to make some extra passive income on top of your normal salary. However, maintaining your property and making sure it is of a high enough quality to get a reliable tenant can be difficult. So here are some tips to get your rental property up to snuff and move-in ready!
Make Sure Everything is up to Code
When you first buy a rental property, whether it be a house or an apartment, there’s nothing more important than making sure everything is up to code. Check all the smoke alarms, carbon monoxide detectors, make sure there is no asbestos or lead paint, and make sure all the wiring is safe and not causing a fire hazard. If you don’t know a lot about electrical work that’s okay, there are plenty of tips on hiring a reliable electrician.
Buying a property is an investment, it will make you money but if things aren’t up to code and you let people live there it can end up costing a lot more than you initially thought and in the worst-case scenario, someone could get hurt or killed if the house is unsafe. Make sure to have any property thoroughly inspected before you let any tenants move in.
Make Additions to the property
This is especially useful if you have experience in construction and can do a lot of the work yourself. You might even run a construction company or know somebody with a master construction management degree who will help you for a reduced price. The more that your property has to offer, the higher you can charge for rent. You can add a third bathroom, a home gym, a porch, a nursery, or just an extra bedroom and it will help to make your property stand-out from the rest and draw in the highest quality tenants.
Just make sure that you follow the advice above and keep everything up to code, if you are putting an addition to the building you may have to check with your city’s zoning laws as well as the normal fire code.
Help create a Safe Space
One of the things that people want from a home is safety and security, and you as a landlord won’t want people threatening your tenants or property. So do what you can to make your property as safe as possible. Anything from installing an alarm system to ensuring your tenants can receive their mail safely is important.
In communal living environments, like apartment complexes or condos, mail and package delivery is not secure but you could purchase a delivered parcel locker that makes getting a package considerably more safe. Giving your tenant the freedom to install their own security measures like cameras, alarms, lights, or owning a guard dog (within reason) can also make them feel safe and more likely to be reliable.
In the end, there are many ways to upgrade a rental property, but the tips given above will help drastically to draw in the best potential tenants to help you make consistent money.
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