Renters spend around $485 billion in rent every year nationwide. It has never been a better time to own a rental property with the market flourishing.
But you need to know how to maintain your property if you want your tenants to keep renting from you once their contract expires.
So keep reading to find out what you need to do to maintain your rental property successfully.
Paint Can Make All the Difference
A fresh coat of paint can go a long way to make your rental property look more inviting to your current (and prospective!) tenants. Painting the exterior of your rental property will give the home a fresher and cleaner look.
When painting indoors, you also need to make sure to patch any holes left by screws to ensure you're left with a smooth finish. The color you choose can also help your property seem more inviting. The paint color will not only help you change the mood of the area you're painting but can also make rooms appear more spacious.
Update Your Appliances
When renting a property, tenants will take a close look at the appliances. If the appliances are outdated or in need of some serious maintenance, they might walk away from an otherwise perfect rental property.
So you need to make sure your appliances are up to date and in good working order.
Fix the Little Things
Maintaining your rental property doesn’t always need to be an expensive affair. If you stay on top of the repairs as they pop up, you're more likely to be able to fix the issues yourself instead of hiring someone to do it for you.
It's important that you learn how to complete some maintenance projects yourself, especially for issues that tend to pop up regularly.
Conduct Regular Inspections
To maintain your property, you need to inspect it regularly. Some things to take a look at include the following:
- Regularly check for leaks and water damage
- Regularly replace air filters
- Regularly test your smoke and carbon monoxide detectors
- Check for pests quarterly
- Tighten handles, knobs, and screws regularly
- Check fire extinguishers
- Clean gutters
- Trim trees on the property
By conducting regular inspections, you'll be able to spot issues as they arise, so you'll be less likely to have a big problem on your hands suddenly.
Maintain Your Rental Property the Right Way
Keeping your rental property in good condition is crucial if you want it to flourish. Staying on top of maintenance and essential repairs will not only make your property look more appealing but tenants will also be impressed by your level of attention to detail.
So make a list of all the repairs that need to be done and get started maintaining your rental property.
HomeRiver Group is a premier Chattanooga property management company where your property is our priority. Feel free to contact us today to discuss Chattanooga real estate and investment properties.