Purchasing a Rental Property? Look For These Five Things
Five Things to Look for When Shopping for Rental Properties ~ Southern Residential Leasing
When shopping for rental properties, most people think they need to look for one that’s pristine from top to bottom. For some business models, this might be great. Others, however, look for problems they can fix that generate a better return on their investment. If you have the time and money, a house that’s a fixer-upper can be a goldmine down the road. Check out these five things to look for when shopping for rental properties:
Smell
While a strong (and unpleasant) odor can be time consuming to get rid of, it’s actually not all that different. Bad smells can be caused by a few different things, including smoke residue, mildew, or untrained house pets. As long as the scent isn’t caused by environmental issues, this is a quick fix! Getting rid of the carpet will fix a majority of the problem right away. After removing the carpet, open the windows and let the room air out for a while. Plus, if you swap out carpet with easy-to-maintain flooring like laminate vinyl, the upkeep will be significantly easier.
Also, washing the walls will fix an easy problem like stale smoke smells. All you need is a good quality sponge, some hot soapy water, and some elbow grease. You’ll be able to see the smoke residue wipe clean from the walls!
The “Third Bedroom”
Oftentimes, what’s marketed as a two-bedroom home is often a three-bedroom home in disguise. Taking a storage room or a decently-sized office and turning it into a third bedroom can dramatically increase the value of your home. By simply finishing the walls and flooring and adding a door, you’ve got yourself a functioning bedroom. This helps build some equity in the property. Note that converting a three-bedroom house into a four-bedroom does not always produce the same results, so stick with a two-to-three-bedroom home instead!
Countertops and Cabinets
Your tenants are likely to spend a majority of their time in the kitchens and the bathrooms, and any property owner knows these are the rooms t
hat sell homes. It’s so easy to transform unattractive kitchens and bathrooms into beautiful rooms. That’s right, this fix is just as easy as a fresh coat of paint and some new countertops. At Home Depot or Lowes, you can find a nice cabinet refinishing kit for less than $100. New cabinets are a simple fix too; prefabricated laminate countertops can be installed in just a couple of hours. Or, if the neighborhood calls for it, spring for a nicer granite or quartz countertop in the kitchen and bathroom.
Bad Roofs
Roofs are no doubt costly, and installing a new one is nowhere near an easy process. However, replacing a new roof right off the bat ensures that your roof won’t leak for years to come. Think about how much relief you’re allowing yourself and your tenant with this! The most expensive part is the contractor, as most will want to nickel and dime every aspect of installing a new roof. Don’t be afraid to take the time to call around a few more contractors. Shop around and ask for referrals!
Mold
To the average individual, mold is one of the most terrifying things to find in a home. Mold is indicative of a much bigger problem, like water leakages within the foundation of the home. However, if you can eliminate the moisture, you can eliminate the mold. For example, if you walk into the bathroom and see mold on the walls but no vent or windows, then simply installing a vent and/or a window works wonders. Mold on the ceiling indicates a roof leak or no ceiling insulation. Fixing these problems right away not only increases the value of your home, but saves tenants issues down the line.
If you’re done shopping for rental properties and are ready to lease your home, contact us today to learn more about our property management services!
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