Deciding to rent your home out instead of selling it can be advantageous in a variety of ways – you're able to claim tax deductions at the end of the season, you'll enjoy some extra cash flow, and you can keep hold of your investment as it appreciates so it's worth more if you do decide to put it on the market at some point in the future. However, there are a few risks to consider that tend to come with renting out a home.
There are repairs that will need to be made for the comfort and safety of tenants, and there is always a chance of having to deal with damage or vandalism that wastes your time and money in order to address the situation. But there are a few projects you can do around the property between tenants that are sure to protect your home and maybe even yield you a higher rental income. Try one or more of the following options:
Maintain the Septic
A full septic tank can back up into your rental home's toilets, bathtubs, and sinks, creating a huge mess that is costly to rectify. The property's leech field can get poisoned as well, which would put the health of your tenants and their neighbors at risk. An overflowing septic tank can even contaminate the water, which creates even more costly and dangerous problems to deal with. You can avoid the risk of all these problems by having the septic system inspected and cleaned by a professional service provider. Your technician will take care of any cracks or chips that are present so they don't rupture or weaken the system. They'll also clean the tank and ensure that it's ready for a new family without fail.
Protect Your Plumbing
The costs of plumbing repairs can really add up throughout the years, as several pipes tend to be located inside the walls and under the counters. This situation tends to result in longer and harder work for your technician, and therefore higher repair bills for you. In order to minimize the chance of plumbing damage developing as well as decrease your annual maintenance costs, it's important to have your plumbing system's drains thoroughly flushed by a professional before tenants take residence. You should find that professional cleaning appointments help to reduce issues like clogged drains, bathtub backups, and even cracked or busted pipes even when your tenants are putting daily wear and tear on the plumbing system.
In addition to professional sewer and drain cleaning, you can further protect your system by installing low-flow aerators on the shower heads and sink faucets. This will not only put less pressure on your plumbing system, but it will decrease the household's overall water usage by up to 50 percent. And your tenants are sure to appreciate the savings they'll realize in water costs as time goes on. Low-flow aerators are affordable and should be easy to replace between tenant residencies.
Install a Fence
To dramatically improve your rental home's safety, feel, and look, consider installing a new fence along the front part of the home's perimeter. Whether the fence is made of metal, vinyl, or wood, the new fencing is sure to shelter the home from extreme weather and high winds, and will ensure that kids and animals remain safe when they're playing in the yard. You may find that tenants are happy to pay a little more for the peace of mind that a fence brings.
These three methods and techniques will provide both you and your tenants with peace of mind, as well as long term money saving benefits to take advantage of.Share
8 February 2016
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