One of the best ways to insure the value of your rental property and increase your cash flow is to maintain and manage it well. As a landlord you should be vigilant that your property does not depreciate because of your inattentiveness. Markets may fluctuate, and while this is something you don’t have particular control over, you can ensure that your property does not lose any value because of neglect.
Here are some time-proven and relatively low-cost improvements that should increase the rental value and rentability.:
Landscaping Refresh:
If the prospective renter sees a tidy, colorful front yard, it helps sets the stage for a more positive reaction to the interior. A new mailbox or a freshly painted one can be a big plus.
Thorough Cleaning:
If painting the entire house is financially prohibitive, a good scrubbing inside and out will go a long way to say “this landlord cares”. In particular, making sure the front door is welcoming and fresh. A newly painted door gives the impression that you have renovated the house for the next tenant.
Clean the Floors:
Cleaning the rugs, either by yourself or professionally, makes the house smell clean and will have an impact on the overall appearance of the home. Any repairs required of other types of floors, regardless of cost, shouldn’t be ignored.
Appliance Upgrades:
One of the most important aspects considered by a prospective renter is the kitchen, and more specifically, the appliances. If a good cleaning doesn’t bring them up to par, replace them! It will get you a better renter and a better price. The other room where you don’t want to spare any elbow grease is the bathroom. Tenants appreciate an up-dated, clean and bright bath.
Now that we have examined the extensive “To Do List” for attracting responsible renters, let’s take a look at how you will finance these improvements.
The first avenue would be to look into a conventional loan or home equity loan, but if, for whatever reasons, you do not qualify for a conventional loan, consider a Hard Money loan from Sun Pacific Mortgage.
We have been in the business of hard money refinancing and lending for investment property owners for over 30 years. Please call us at 707-523-2099 with any of your questions or scenarios.