You know the saying — third time’s the charm. Fortunately, that adage also applies to rental property ownership. Most landlords invest in real estate once or twice before they gain enough experience to be successful. However, the stress and challenges of being a landlord continue to get tougher each time. If you’re thinking about investing in another rental property, it means you like the idea and are confident you can do it again. The right investment can bring financial security for you and your family while keeping your savings growing instead of shrinking due to monthly bills and maintenance costs. Read on to discover how an additional investment in a rental property can boost your financial security while still feeling like a risk worth taking.
How to Make Your Rental Property Winter-Proof
First, let’s make sure your rental property is winter-proof. Since most landlords make money from their investment during the winter months, this is often the time when they need their property in top shape the most. First, inspect your property to make sure it’s ready to withstand the elements. Once you’ve confirmed the property is winter-proof and ready for tenants, you can think about winterizing your property. Winterizing a rental property means you’re taking extra precautions to ensure your tenants stay safe and comfortable, even during the cold months. Whether you rent out a few rooms in your home or a full-fledged commercial or residential property, winterizing is necessary to protect the health and safety of your tenants.
Add a Foundation and Basement Renovation
A sturdy foundation is a must for any rental property. It’s one of the most preventative and cost-effective repairs you can make to a rental property, and it’ll save you money down the road. Not only will you lower your risk of costly foundation repairs, but you’ll also give yourself a leg up when renting out your property. When it comes to rental properties, you should be ready to put your money where your mouth is. This means you should have the cash available to make repairs and renovations as needed. If you don’t, you could find yourself in a bind. To get ahead of the game, consider putting aside some extra cash each month. Depending on the size of your property and the extensiveness of the needed repairs, foundation repairs can cost as little as $5,000 or as much as $100,000.
Add New Windows and Doors
One of the most cost-effective renovations you can make to a rental property is to replace old or outdated windows and doors. Old windows may look charming and make your rental property stand out, but they are also energy-inefficient and can make your tenants uncomfortable. If you are renting out a room in your home, you may be able to get away with keeping them. However, if you’re renting out a commercial space or multiple rooms in a single-family home, you’ll want to replace them with energy-efficient windows and doors. Replacing windows and doors is an investment that can pay off in the short and long term. Not only will you keep your tenants comfortable, but you’ll also save money on your energy bills. Depending on the style of windows and doors you choose, you can lower your energy bills by up to 50%.
Add a Dampness Protection Layer
If you’re renting out a residential property, you want to be sure your tenants are as comfortable as possible. The last thing you want is for your tenants to feel cold and damp, even in the winter months when the weather is colder and drier. A dampness protection layer around the perimeter of your property can help reduce the risk of mold and mildew. Even if you do everything else correctly, a dampness protection layer can make a big difference in how comfortable your tenants are. Dampness protection layers are available at any hardware store, and they are relatively inexpensive. You can even DIY and save even more money. This is one of the easiest and most cost-effective renovations you can make to your property.
Add an Indoor Air Quality Improvement System
A quality indoor air improvement system can make a world of difference in how comfortable your tenants are. Most of us spend the majority of our time indoors, and having quality air inside can make all the difference. Custom-built air filtration systems are one of the most cost-effective renovations you can make. Depending on the size of your property and the number of rooms you want to equip with an indoor air quality improvement system, the cost can vary. It’s also possible to rent or buy used systems to save money. You may even want to consider partnering with a local air filtration company.
Add Heating and A/C Units
Depending on where you live, you may need to equip your property with heating and air conditioning units. Some areas are cooler, while others are warmer. A small investment now can save you thousands down the road. It’s important to remember that not all rental properties require the same level of heating and cooling systems. There are a variety of units you can choose from, including ductless mini-split systems, standard split systems, and rooftop units. You may also want to consider renting units on a short-term basis if your rental property isn’t in need of a full-time system. Depending on the type of system you choose, heating and cooling units can run anywhere from several hundred dollars to well over $1,000. However, they can pay for themselves in the long run. If you’re renting out commercial space, you may also want to consider industrial-grade systems.
As you can see, there are many ways to winter-proof your rental property. While these renovations may seem costly, they are well worth the investment. By winter-proofing your property, you’re not only protecting yourself from unforeseen repair costs, but you’re also protecting your tenants. In many ways, landlords are like parents. We want to provide the best living environment possible for our tenants while also protecting our investment. By winter-proofing your rental property, you can do both.
Contact RPM Central Valley
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Some of the services we can offer you include tenant selection and placement, rent collection, maintenance and more.
To learn more about the services we can offer you, contact us today by calling (209) 572-2222 or click here to connect with us online.