Owning rental units is one of the best ways to get a passive income. However, one of the downsides of having rental units is that you aren’t living in the units, so there can be a lot of damage caused to them without your knowledge. Fixing damage in rental units can be very costly. The best way to cut the costs of damage and maximize your profits is to avoid damage to you rental units by being proactive.
How to Avoid Damage to Your Rental Units: Choose Responsible Tenants
Over time, some damage and wear and tear are inevitable. However, extensive and reckless damage can usually be avoided. Responsible tenants are much less likely to be reckless and damage your rental units. Screening can help you choose responsible tenants out of the many applicants you might have. Some methods of screening include running credit checks, talking to past landlords or employers, having applicants fill out an application, and conducting personal interviews with them. Even though it might feel tedious and excessive, don’t be pressured out of a thorough screening. Spending adequate time to screen your tenants will save you a lot of time and stress in the future.
Think About Your Pet Policy
Pets can cause extensive damage to a property. You may, then, consider rewriting or including a stricter pet policy to prevent avoidable damage. While some tenants or future tenants may see a pet policy as inconvenient or unnecessary, remember that you are the landlord and the rental units are still your property. You can explain why you have decided on such policies and allow for things like pets on the premises of the property but not indoors.
How to Avoid Damage to Your Rental Units: Use Sturdy Materials
Using sturdy materials in your rental units can help them resist light to moderate damage. This is especially true for flooring in the units. Floors are subject to the wear and tear of many different shoes, various objects falling, spills, and heavy furniture or other things being dragged across them. As such, materials more durable than carpet or hardwood include vinyl or ceramic tile. These materials have a variety of different styles to choose from, so you can still have aesthetically pleasing yet durable flooring.
Avoiding damage to your rental units means that you don’t have to go in and fix the units every year or every time a tenant moves out. Everything from the tenants you choose and their habits to the materials you use in your rentals influences how prone to damage the units will be. Having damage-free rentals is great for you, your tenants, and your wallet.
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Steelbridge Realty LLC is a Licensed Real Estate Brokerage that utilizes cutting-edge marketing techniques and data-driven Real Estate solutions in today’s ever-changing environment. Our group of professionals have decades of experience and have navigated through many business cycles. Our diverse background gives us the tools to guide people towards successful decisions.