If you own rental properties, you can benefit immensely from learning how to make money without leaning too hard on your renters. This is going to help your properties stay favorable even as the economic conditions ebb and flow. Have a look at four changes you can make to your rental properties that will help you save money, all while giving your tenants the best.
1. Get Energy-Efficient Roofing
If it comes to a point in time when you need to change the roofing on your rental properties, you should go for the most energy-efficient roofing. This may be different for various climates since the requirements differ. All the same, you can typically never go wrong with a metal roof for the most part. This roof will also be affordable to get and is lightweight, among other benefits. That said, you need to have it installed by professionals who will do it right and ensure that there aren’t issues like leaks on your brand-new roof. With more than 90% of people getting married before they reach the age of 50 in the United States and other Western Countries, you may have a fair share of married couples on your rental property. If you can provide them with secure shelter as they start their lives together, they’re bound to be amazing tenants in return.
2. Paint the Spaces
Painting is one of the easiest ways in which you can improve a space remarkably. This is why it’s a great idea for you to paint your rental properties regularly. Doing this will keep them looking amazing, and both you and your tenants will be proud of them. Needless to say, you can get better prices when your property looks good. This is why painting the properties is an amazing investment for you to make. Since a can of paint can last for three to five years when stored properly, there’s no reason why you can’t retouch your properties frequently as the need to do so arises. When you come across a great deal of paint on sale, you can get paint for the next two or so touch-ups and you’ll be good.
3. Switch to LED Lighting
Next, you can save a good amount of money on your lighting. This is possible to do when you switch to LED lights, which consume less energy to run and also produce less heat when they’re on. This means that your properties will not only be considerably more energy-efficient, but they’ll be a bit more sustainable as well. Also, the United States Department of Energy believes that LED lighting can potentially reduce energy usage in the United States by almost 50%. This makes changing the light bulbs in your properties to LED a great idea for any landlord.
4. Get Good Insurance
Last but not least, you need to shop around for good insurance. Do this knowing well what the biggest risks in the areas you have properties are. When you make this consideration, you’ll get adequate coverage and you can avoid overpaying for something that you may never benefit from. Find out what other landlords in the same areas are using and borrow a leaf from them if you find their insurance to be robust. Doing this can keep your tenants safe and also save you from having to dig into your pockets to make fixes in case something you’re insured against happens.
Make these changes to your properties and you’ll be sure to save more money over time. You don’t have to increase your rent every time you start to see a dip in your profits. Use these smart tips to keep more money and ensure that your tenants are happy as well.
