If you’ve got a bit of money saved and you’re looking for some investments, no doubt you’ve already considered buying a rental property. Property investment is one of the most attractive investment options out there at the minute, and for good reason.
More and more people are struggling to get the money together for a house deposit so the number of people that are renting is always on the rise.
That means you’ll have no trouble at all finding tenants that are willing to pay you a decent amount of rent every month. You’ve also got the option of selling and recouping your investment and then some if you decide that you don’t want to deal with it anymore.
But it’s not all good news because there are some difficulties that you’ll have to face when investing in rental property. The maintenance costs are one of the biggest problems, especially if you’ve got an older property, and they can seriously eat into your profits if you aren’t careful.
But if you do the right renovations on the property when you first buy it, you can reduce your maintenance costs by a lot. These are the best renovations to reduce maintenance costs on your investment property.
Roof damage is one of the worst issues that you’ll get with any property. If water starts leaking in, you’re going to get water damage and damp throughout the house so not only are you paying to fix the roof, but you’re also going to need to deal with the fallout from the leaks as well and that gets expensive.
One of the biggest mistakes that landlords make is waiting for the problem to come up and then patching individual leaks as and when they occur. That’s actually the least cost-effective way of doing things and you’re far better off calling in a roof restoration service as soon as you buy the property.
They’ll be able to fix any potential issues before they cause damage and the roof isn’t likely to leak in future so you can avoid any expensive repairs further down the line.
If the hot water and heating breaks, you’re obligated to fix it right away. In most cases that means you’re going to have to call somebody out at short notice and they’ll charge you a premium for it. If the boiler is broken completely, you’ll be paying thousands to replace it and it will have to be done immediately.
It’s far better to get somebody to service the boiler and the heating systems before you move tenants in so you can deal with any problems easily.
If you outfit the house with flooring that stains easily like light carpets or you use soft wood that is going to get scuffs and marks all over it, you’re going to have to change it every time a tenant moves out.
You won’t have much luck renting the place out with stained carpets so it’s best to use something hard wearing and easy to clean and go for darker colors that won’t show up the stains.
These simple changes will drastically reduce your maintenance costs so you can maximize profits on your investment property.