Does the way your rental property investment looks from not only the outside but the inside as well, affect how much you can charge on a monthly basis? Of course, but you have to reach a reasonable balance between the looks of your rental property and the looks of all the other properties on that particular street.
You dont want to have the nicest, and you don’t want the ugliest. Remember that you rental property land taxes are based on outside appearance just like your homestead home. So if you have the nicest house on the block, you will be paying more in taxes, therefore cutting into your overall profit margin gain for each month and year you rent a particular piece of property. However, the nicer an apartment looks the easier it will be to rent and the happier your renters will be. Properties should be well maintained, especially apartments for rent as well as houses for rent because their value depends on quality and presentation.
You must choose a solid balance between too nice and not nice enough. The house needs to look presentable to would be renters. This is a gimme but should be taken seriously. A fresh coat of paint inside between tennants, and a fresh coat of paint on the outside at least every 5 years. Make the effort to stop by your properties once a week to make sure the lawn is being watered so that it does not die. If your tenant is cluttering up the place with cars in the yard, trash everywhere, or not mowing the yard this is where you would need to step in as soon as possible to keep them on track before it gets out of hand.
Besides paint, you can fix drywall cracks and holes, fix the hardiplank siding, replace the windows and doors, replace the flooring such as the carpet and tile, along with pressure washing the driveway and sidewalk outside the rental property. These are all tasks that should be done at least at the time of purchase and may even need to be done between each renter. Aside from windows, doors and paint.. flooring is another issue that must be addressed often times between renters. One great alternate flooring that is very durable is laminate. Best laminate flooring is durable and takes on heavy traffic very well. Choosing good renters is a hard task but can be done with patience and a good back ground check. A background check is not fool proof, but will scare away many of your unwanted tenants.
Yes they are renting the property, but you can have in your lease that they must upkeep the exterior as well as the interior of the property in the lease they sign. This gives you the right to evict them if they do not abide by the lease. Renting a peice of property is an ongoing full time job that can call on you at 3am because of a burst pipe or house fire. Always be prepared and remememer to find that proper balance in your investment as to get the most money you can each month while keeping your property taxes as low as possible.
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