Two Big Reasons To Redecorate When A Tenant Leaves
Investing in property to become a landlord is an idea that works for a huge number of people. It’s a simple – relatively speaking – way to make an additional income each month, and if you have a portfolio of properties (which, of course, is safer than having just the one in case of times when no tenant is living there), you can be a full-time landlord and enjoy the benefits that brings.
That said, a landlord’s life isn’t always an easy one, and although you could argue that you’re making a passive income most of the time, when you do need to do work, it can be costly. You might be looking at ways to reduce those costs, which would mean that, if a tenant leaves a property in a good state, you won’t be looking at any redecoration or renovations. After all, if it’s not needed, why pay out for it?
Are you sure, though, that it’s not needed? Some landlords make it a rule to redecorate when a tenant moves out even if there’s no discernible damage and the tenant wasn’t there for very long. Why is this? There are some great reasons to do it, even if it takes time, effort, and money; read on to find out what they are.
The worst thing that can happen to a landlord is to have an empty property for many months, waiting for the right tenant to find it. This can eat into your income, perhaps even cause you financial difficulties if you have a mortgage to pay and no other properties to help you bring in any money, and, the longer a property is on the market, the less interest there is. After all, if it’s been languishing for months, those who are looking for a new place to live are either going to miss it because they’ll be looking at the newer properties, or they’ll assume there’s a problem with it and ignore it altogether.
If you want to rent your property more quickly, painting the interior, putting in fresh carpets (if required; this step isn’t always necessary), and freshening up the kitchen and bathroom can make a big difference. If it’s roof thatching or something else very specific to the property that needs doing, this will also ensure your tenants are found more quickly; they’ll know you’re taking care of things and will likely be a good landlord. Moving into a property that looks and feels good will be much more attractive than one that needs work.
The more money you can make on your rental, the more profit you’ll make. The more profit you’ll make, the more chance you have of buying another property, or living a good lifestyle, or investing, or whatever it is you want to do with the money you make. More is always good.
To make more money when you are a landlord, you need to increase rents from time to time, but you also need to keep in line with other comparable properties in your area. So what can you do if you want to put your rent up but no one else is? You can redecorate. Having a brand new feeling home to move into will make some tenants (not all, of course), happy to pay out a premium for the luxury, and you can boost your income nicely.