After several tenant cycles or even after a longtime resident departs, your rental property may not be looking as fresh and appealing as it once did. There are a number of potential areas that may need some TLC or modernization, but how do you decide what improvements are worth making? While there are many differing opinions, here’s a look at three investments that typically provide the best return for rental property owners.
Kick up the kitchen
With many people preferring to save money and calories by eating at home, time spent in the kitchen is on the rise. A fresh and inviting kitchen provides your residents with the perfect space for their food preparation. Counter space and cabinet storage are both often at a premium in kitchens, and if you have the space or ability to add or improve either, you’re sure to create a more premium experience, which will result in more interest and potentially a greater willingness to pay a premium price.
Blow out the bathroom
The next greatest area to invest in is the bathroom. As Landlordology points out, tenants aren’t looking necessarily for an executive bathroom experience, but are certainly looking for a clean and fresh looking space. In older homes, especially, bathrooms can be run down, but a bit of work can often bring them a brand new look. Whether a whole renovation from floor to ceiling or even simple fixture replacements to provide a sparkling and shiny new appeal, investing in the washroom will often give you more room to negotiate higher rents or longer lease terms.
Look at the windows
Another great investment is the windows in your rental home or apartment. If you have older windows, making a change to newer styles with double-paned glass or other energy efficient improvements will increase the value of your space while decreasing the utility costs. This can be a great incentive for renters to pursue your property for their next home and, if you pay for heat or air conditioning as part of your rental fee structure, can lead to substantial savings for you.
Regardless of the investment you make, there is a good chance that making improvements will help keep your property rented and limit any vacancy period. Plus, in many situations, you may be able to write off some or even all of your expenses or the depreciation of your work when it comes to filing your taxes. There are also even some incentive programs that you may be eligible for that may help pay for installing energy efficient fixtures, appliances and windows. The Indiana Energy Association offers tips and links to some efficiency programs on its website.
Taking care of the day-to-day operation of your rental home or business properties can be a full-time job in its own way. Searching for and screening tenants, scheduling any necessary maintenance, handling rent collection or lease renewals – there’s so much to do, and it only amplifies if you have multiple properties. That’s where property management comes in, taking care of the regular duties and leaving you with less stress and more time. Here are a few key advantages of using a property management service.
Finding and screening tenants
The first step in any rental agreement is finding the right people to occupy your space. This includes employing a comprehensive advertising strategy, using both digital and traditional media to locate prospective tenants. The next part in the process is performing background and credit checks to verify the applicant’s documentation is in order and can afford the rental. Lastly, once approved, a lease agreement must be completed, both to protect your property and the tenant’s rights during the term. With a property manager, all of these time-consuming and paperwork-intensive steps are done for you. With our online database of homes and businesses, we can match up prospective renters to your property that meets exactly what they are looking for. Plus, with our years of experience, you can trust that our lease agreements and background checks with be thorough, providing you with additional security and confidence in your renters.
When a water line breaks in the middle of the night, who would you rather your tenant call: You or a property manager who can contact emergency repair technicians and manage any problem? These sort of issues can and do happen, and using a property management service allows you to rest soundly knowing that if there’s anything that needs immediate care, we’re standing by. Your tenants receive additional peace of mind knowing that they can call and speak to one of our representatives at any time, whether it’s an emergency issue or just to check on the status of a lease renewal. Adkin Management Group also takes care of rent collection and maintenance, making arrangements to make sure that any needs you or your tenants have are covered.
Secure and easy access
With AMG Property Management, both you and your tenants have a wealth of easy-to-access amenities available. For tenants, we offer free ADT Home Security installation, which helps to not only protect your occupants and their belongings, but also your property from would-be burglars. We also provide customers with convenient payment options at both our physical office in the Broad Ripple Village or online using our securely accessed Resident Portal. We also maintain a fully trackable, web-based software platform for owners that provides a look at the numbers – cash flow, payee history, lease term dates, and much more. This allows you to see the historic costs and income, helping you to keep track of all earnings and easily prepare your details for taxes or for your own information.
Let AMG Property Management reduce your stress and keep your property occupied, protected and profitable. Give us a call today at 317-252-5830 or email us at firstname.lastname@example.org to find out all that property management can do for you.
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