Why Consider Owning a Rental Home?

Owning a rental property or being a landlord isn't for everyone, but if you are thinking of having a rental home here are some positive points to consider.

Real estate can be a good long-term investment; however, property condition and rentability are key. Trust a real estate professional to guide you when evaluating whether a specific property has a high probability for resale and can provide an appropriate yield in rental rates. You have to do your homework before you dive in or else you may find yourself with a “lemon” property. Finding the right property with appeal to renters (and future owners should you resell), the right location, and the right potential rent rate, is most important!

Top Upgrades to Boost Rental Rates

We took a look at the results of a survey conducted by Multifamily Insiders about apartment shoppers' top five things they look for when searching for a new home and we found the results to be surprising. According to the results, price was outranked by 17 other features including location, laundry facilities, hardwood floors, closets and storage, appliances and fixtures, pet policy, safety, and management. So what does this mean for rental property owners? You can make your rental home more appealing to renters by upgrading your home. The plus side to upgrades? Upgrades boost your rental rates!

Flooring

Upgrades come in all shapes, sizes, and price points. If you decide to make one and only one upgrade to your rental home, spend the money to upgrade carpet to hardwood floors. Hardwood floors ranked 3rd amongst apartment shoppers and many said whether or not a rental had hardwood floors became the deciding factor.

Homerwood

There are numerous benefits to hardwood floors, not only are they easy to clean and maintain, but a quality product can reduce your turnover costs. The cost of continually replacing carpet and having it cleaned can add up over time. Increase the longevity of your flooring by upgrading to a quality product. A cheaper alternative to traditional hardwood floors is laminate wood-look flooring. There are numerous options on the market for quality laminate flooring that can have the impact of hardwood and the benefits of easy maintenance and low costs.