The way you appoint your rental property has a lot to do with the ongoing property management costs. Usually, before you can rent your property you must paint, change carpeting, and perform any necessary repairs to get your property ready to rent. This article contains a few tips to help ensure your transition between tenants is as financially painless as possible.
One landlord was quoted as saying, “upon acquiring our properties, we made sure to remove all the carpeting in each unit and install a light colored ceramic tile in its place. Though it may cost slightly more than installing carpet, it will not ever have to be replaced. In a worst-case scenario if a tenant were to drop something very heavy on the flooring, one or two tiles may need to be replaced but that’s quite inexpensive compared to re-carpeting the entire room. Also, light colored ceramic tile helps to make the space look bigger when showing the property for rent.”
A light colored ceramic tile will not only save you time and money between occupancies, but will make the space appear much larger when showing it to prospective tenants as well.
Another major expense you may find between tenants is the heating and cooling system. You may notice an undesirable odor coming from the air conditioning unit. This could be dirty or clogged coils which not only creates the undesirable odor, but restricts air flow as well. This causes the unit to work harder making it not only less efficient, but shortening its life span as well. Be sure to have your handyman change the air filter in the unit at least every few months to help prevent this condition. Chances are very good that your tenant is not going to bother with air filters.
Perhaps the highest expense in preparing a unit for rental is painting. It is a good idea to have a provision in the lease stating the tenant may not paint anything without express, written permission from the owner. Also, ensure they always use pastel colors only. Dark colors can be difficult and costly to cover after the tenant vacates the property. Remember to inspect the property at regular intervals to ensure the tenant complies with the terms of the agreement. Normal wear and tear will usually dictate you paint the unit after each tenant, but regular inspections can help keep wear and tear to a minimum.
Contact the professionals at Insurance by Castle today at 800•644•5443 to learn more about landlord insurance and design the policy that best suits your individual needs.