The importance of reinvesting in your Salt Lake City rental property
Reinvesting in your Salt Lake City Rental Property | Why it’s important
Being a Salt Lake City rental property owner isn’t easy. As landlords, we like to think that our properties are “good enough” and don’t need ongoing maintenance to keep them occupied. The fact of the matter is that every rental will begin to show signs of major wear and tear after a couple of residents. Traffic stains will start to appear on that new carpet, those freshly painted walls will begin showing scuffs and scratches and those “brand new” appliances become “old” much faster than we’d like. Unfortunately, prospective tenants will quickly notice and the desirability (read: profit) of your Utah rental unit will dwindle with each passing year. That is, unless you reinvest in your property.
Now it isn’t feasible to complete a total remodel after each resident, but earmarking a few dollars and planning to refresh the unit every few years is a great way to protect your investment. If weeds are taking over your yard – add fresh bark and plant a few flowers. If the blinds are damaged and hanging by a thread – replace them with new ones. You’ll find that keeping your property in great condition will help if lease quickly and stay rented. The income you’ll receive from reducing your vacancy rate and keeping your monthly rents near the top of the market should outweigh any additional maintenance expenses.
Furthermore, it’s easy to forget the oldest rule in investment real estate – your property’s value is directly tied to the income stream it produces. If you can spend a few thousand dollars updating your unit and increase the rent by a hundred dollars or more, then you have not only improved your monthly cash flow, but have increased the overall value of your Utah rental property.
Please contact us today if you’d like to discuss other ways to maximize the value of your Salt Lake City rental property.