|
Naturally, every landlord wants to make a profit from their investment. But the smart investor knows there’s a difference between simply collecting rent to cover your costs, and maximizing the returns you can feasibly make. Becoming a landlord is not a job for the faint-hearted, with myriad factors affecting whether you’ll be successful or end up in financial hot water. Location is one of the most important aspects, and for newbies looking for an investment property, Rochester NY is one place the experts agree on. Even with an abundance of quality prospective tenants and a good supply of high quality properties, local experts say it’s still important to realise the full value of an investment by attending to the details. When it comes to your investment property, Rochester NY experts say there are five very easy ways to increase the rental value of a house or apartment. Improve the Street Appeal We all know the saying about only having one chance to make a good impression, so ensuring the exterior of a house or apartment presents well is imperative. If there’s a garden, make sure it’s well-kept and attractive, paint the building and eaves regularly, and even adding a welcome mat can show prospective tenants you care about the property. In apartments, ensure the lobby or front door is inviting, clean and well-maintained, and that all windows are clean and in good repair. Regular maintenance is the key to looking good. Give the Kitchen and Bathrooms a Makeover Properties can be won or lost on their kitchen and bathrooms, so spending a bit of money can make a huge difference. If you can’t afford a full renovation (or it doesn’t make good financial sense), a refresh of cabinetry, paint, appliances, and window dressings can transform the space. A tired or outdated kitchen and bathroom is one of the quickest ways to put a tenant off. Add Outdoor Space While it’s not always possible, even a small outdoor space suitable for relaxing or entertaining adds value to a house or apartment. Making a small investment in a simple timber deck, paved patio, or courtyard area with a gazebo and some cheap outdoor furniture so tenants can have a BBQ provides a very appealing advantage over other, similar properties. Add Clever Storage Ideas Storage is king with renters, so any improvements you can make will add value. While built-in or modular storage is ideal, even adding freestanding wardrobes or cupboards in bedrooms can make a big difference. In the garage (if there is one) is another place where the simplest of racking or shelving can add appeal for prospective tenants. Partner with an Experienced Local Property Management Team This could be the most important tip of all, because becoming a landlord is not something you should attempt on your own. When you purchase an investment property, Rochester NY property managers will be your new best friend – as long as you make a wise choice. There’s much more involved to being a landlord than sitting back and collecting rent, including legal and administrational duties, vetting tenants, taking care of maintenance, and building a solid, two-way relationship with tenants. Most investors (particularly new ones) simply don’t have the time or skills to take care of the myriad tasks involved, so while it may not always show a tangible reward, taking on a reputable local manager to be your representative will add infinite value to your investment property. Rochester NY has several companies of the highest standards, so do your research and make sure you choose one you feel comfortable entrusting your affairs to. Author Plate Danny Torres is from Torres Turn Key, a property management company in Rochester NY with more than ten years’ experience providing a holistic service for both domestic and international investors. When it comes to an investment property, Rochester NY is one of the most exciting areas to invest in both commercial and residential properties. The company brings together a host of experience and specialist knowledge to build long-term relationships and create maximum value and benefit for their customers.
Related Articles -
investment, property, Rochester, NY,
| 
