Tehama Country Real Estate

Tehama Country Real Estate – 3 Renovating a rental property point of recession, few people benefit. Howev- er, there are some businesses that thrive during a recession, using the circumstances to their advantage and actually growing business in spite of a sagging economy. W One such business is rental agencies or prop- erty management companies. Even landlords with a single investment property tend to do better during a recession, when individuals might be fearful of buying a home or simply unable to afford it. Such individuals still need a place to live, however, and landlords benefit as a result. One of the best things a landlord can do dur- ing a recession is to pay more attention to their rental properties, ensuring the properties are in tip-top shape so they can get the most out of each unit at a time when the rental market is most competitive. This might require some renovations, which landlords should be mak- ing periodically anyway, regardless of how strong or tenuous the economy might be. * Update the paint. Apartments are typically empty when shown to prospective renters, and any issues with the paint job are very notice- able during such viewings. If the paint is out- dated or there is any fading, update the walls with a fresh coat of paint. It's ideal to do so hen the economy struggles to the whenever a tenant moves out, but landlords whose buildings have a high turnover rate like- ly won't need to repaint every time a tenant moves out. When adding a new coat of paint, choose a light, neutral color to give the proper- ty a fresh, inviting look. * Replace the carpeting. Carpeting is another area prospective renters are instantly drawn to when viewing an apartment. New carpeting is always attractive to potential tenants, and landlords won't have to break the bank to replace the carpets when an existing tenant moves out. Instead of expensive carpeting, choose a medium grade carpet with a neutral color, ideally beige or light brown, which can hide spills or stains should the next tenant prove messy and move out after the original lease terms are up. Before laying carpet, don't forget to lay down quality padding under- neath. Such padding makes the carpet feel soft- er and of higher quality. * Upgrade the appliances. Perhaps nothing evokes a stronger response from prospective renters than a property's appliances. Outdated appliances make renters speculate as to what else might be outdated and if the building is well taken care of. On the other hand, newer appliances, particularly stainless steel items, create a contemporary feel and give the impression, true or false, that a landlord won't allow the building to grow dated or fall into disrepair. When shopping for appliances, choose ones that are more basic so any even- tual repairs won't be too complicated or cost- ly. Newer appliances enable landlords to charge more rent for a given property, and many renters would agree that such proper- ties are worth the extra money. * Install new windows. Older buildings tend to have creaky or drafty windows, which not only makes the property colder during the winter months, but it also drives up utility costs as renters are forced to turn up the ther- mostat to combat drafts and cold air entering the unit. New windows can eliminate such drafts and reduce utility costs, something landlords can use to their advantage when discussing the property with potential ten- ants. Landlords might even be able to earn tax breaks when installing new, energy-efficient windows. Discuss if any such breaks exist with the local municipality. When it comes to renovating a rental prop- erty, landlords can make a handful of small renovations that, while relatively inexpen- sive, enable them to earn substantially more money from each unit over the long haul.

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