Be Frugal With Rental Property Improvements

For those who buy property to rent out as an investment, they must consider the fact that it is a business. Thus, it makes sense to only make property improvements that make your properties safer, lower your costs, or make the property fetch a higher rental price. Now then making your property cleaner and easier to maintain makes sense, and those types of investments if low-cost are wise.

So you ask what will fetch a higher rent, or help you rent the property faster? Well, how about landscaping, retaining walls, brick trim around the drive way? Also this can lower your maintenance costs such as moving the lawn, up-keep on the landscape. If you can cut these monthly costs you will have a higher return on investment, and have better cash flow.

Another good use of funds is improvements to the property that stops gradual decay of the property.

You must realize that you should not make upgrades that you’d like to have if you indeed lived in the property because you are not living in the property and this is an investment, income property, and it is a business. So, do not make this mistake.

Also consider investments that help keep the property neater, and cleaner, which make the property more livable, and more rentable, but only upgrades that do not require large expenditures. You must always be frugal with such rental properties and with any upgrades or investments you make. If the planned betterment of the rental-property does not increase the rent you can expect to receive or lower your costs, then think twice about making them. Please consider all this and always remember this is a business.

Lance Winslow is a retired franchisor – Lance Winslow’s Bio. Lance Winslow is formerly the CEO of WashGuys family of franchises for instance one of Lance Winslow’s favorite companies on the team;

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