Property Management Blog
Property Maintenance is Part of Long-Term Success for Rental Owners
It may feel painful to part with your money, but not keeping up rental home maintenance is a big
mistake. The best renters love living in single-family homes that look updated from the outside.
Who doesn’t enjoy arriving home to a freshly painted front door or a home that looks clean and modern before you even step inside? If the home you’re trying to lease out has stained concrete and old windows, you’re going to get less rental income every month.
We’ve discussed the power of replacing interior items here. Now let’s talk about what exterior items need replenishing.
These Small Changes Can Work Like Magic
Some exterior items can be switched out at a low cost, and sometimes a cleanup is all that’s needed. Replacing window screens is a good example of an inexpensive fix on a home. Updating exterior light fixtures is another task that can identify your home as updated and ready for occupants.
Never underestimate the impact of power washing your investment property. Cleaning away dirt build-up will usually return the original surface to its like new glory. Greyish brick can become a lovely natural stone color. That green algae that’s spread across the front of your house can be washed away. Make sure you work with a knowledgeable power washing company who understands which materials can benefit from a powerful washer and which ones will not.
Keep these exterior items and surfaces clean:
Big Ticket Items Increase Curb Appeal
You’ll make more income when you ensure your investment property meets current esthetics. That doesn’t mean it has to look like a remodel from HGTV. It does mean it has to look welcoming.
The value of replacing big items will surprise you. Items such as garage doors, windows, fences, patios, and decks should be replaced once they look outdated. This may seem costly at first, but many of today’s products are designed to hold up for years longer (many years longer in some cases) than the original ones you need to replace.
How long do exterior items last?
High-quality vinyl windows can last up to as many as 40 years, but cheap vinyl windows can need to be replaced as soon as 15 years. (Yes, really.) New garage doors can look great for as long as 15 to 20 years. The lifespan of garge doors has a lot to do with the quality and how they are used and maintained.
When it comes to wood products, you’ll need to upgrade more frequently. Cedar is the best wood for fences, then pine, then spruce. Cedar, when regularly maintained, can look great for up to 30 years. Pine starts to flag at about five to 10 years. Spruce starts to fall apart in as little as four years.
Concrete that’s been sealed correctly can stay in good shape for as much as 30 years on a single-family home. The surrounding landscape can shorten that lifespan when tree roots grow under driveways, sidewalks, and patios. A concrete surface that’s kept clean and free of motor oil and stains will look good even with cracks.
Things to Remember About Exterior Home Products
Upgrading exterior items isn’t always about appearance. There are instances when it’s a safety matter. Cracked concrete and rotting wood are not safe to walk across, and you can’t expect tenants to live in an unsafe environment. Your state's landlord laws may have safety standards you must follow.
The climate and the product’s materials will affect the useful life of these items. Humidity, unusual storm activity, and even very dry weather can have an effect on replacement needs. Poor quality materials will deteriorate more quickly and can develop hidden damage over time.
Check with manufacturers about the life span of their products in your part of the country. Trusted manufacturers and installers will have this information already or be happy to find out for you.
How Can We Help?
Your long-term success is dependent on a great property management plan. The team at Tyson Properties is here to help you keep up with maintenance needs and make decisions that work for you regarding product upgrades and replacements. Call us today 505-323-2104 to speak with our licensed property management team.
What Do I Do with My Parent’s Single-Family Home in Rio Rancho?
There’s no quick, easy answer to this question. A family home holds many memories, and that can make decisions about changes in ownership emotional and challenging.
It really comes down to researching the options and deciding which one is best for you and your family.
What Are My Options?
You’ll need to decide whether you want to sell it, lease it out, or move another family member into it. Each one of these solutions will require certain upgrades if you wish to get the most from the transaction. Even moving another family member into the home could necessitate updates if you intend to sell it years down the road.
One of the biggest mistakes a homeowner can make is not maintaining and updating the home properly. Whether you’re selling or leasing, you’ll need to refresh certain items before putting the home into the rental or real estate pool.
When is Leasing a Good Solution?
If the home is owned outright, you might not want to sell it. Find a professional property management company to handle rent collection, tenant complaints, the applicant screening process, and evictions. This takes the pressure off of you and puts extra income in your pocket every month. The right company will also identify maintenance issues and get things fixed, so your home’s value stays intact.
When is Selling a Good Choice?
When there’s a lot of updating that needs to be done, you may want to sell. We’re talking about moving multiple walls ore repairing old water issues. Whether you sell or lease, you’ll want to paint, replace old flooring and countertops, and add new appliances. However, big renovations are not usually fun to tackle, and selling to someone who wants that kind of project may suite you better.
Adult children who cringe at the idea of watching someone else live in their parent’s home are also good candidates for selling. Tenants can put added wear and tear on a property, and that can be disheartening to see. Your tenants aren’t doing anything wrong. They just aren’t the owners of the property and will have a different outlook than you. Selling allows you to keep your memories in place and pass on the home to a new family who will care about it.
Want More Information About Leasing Your Home?
If you’re trying to make a decision about whether to sell or rent your parent’s home, please give us a call at 505-323-2104. Tyson Property Management has more than 20 years of management experience to put to work for you. We can speak with you about your options and help you make the right decision for your home.
Want to Lease Your Home? What You Need to Know
Best Months to Put a Home on the Rental Market in Albuquerque
Putting your home into the local rental pool could reap a more immediate response during certain months of the year. Because each home is unique, and that means many factors are part of the property assessment, there’s certainly no concrete answers here.
Recently renovated and updated single-family homes are typically easier to lease no matter when they are listed. However, there are particular points in the calendar year that are easy to identify as times where people “move” more often. And these months can be pure gold for a landlord.
Rental Months That Work Magically in Albuquerque
Perfect months for rental home listings are May through September. It’s summer and lots of folks are on the move for many reasons. Mom or Dad may have changed jobs. The family may decide they want to live in a different state. It may be time to retire. People’s schedules are typically open during the summer, so relocating is easier for them to manage.
When people move to new locations, they may wait on purchasing a home and rent a property instead. This is good news for landlords in general. It keeps a steady flow of potential applicants knocking at your door.
Double-Down on Rental Potential: What’s the Renter Looking For?
You can improve your home’s rental potential by ensuring you meet the basic needs of the folks looking to rent. It doesn’t take much to identify key areas on a renter’s wish list. You can help the rental process along by addressing these points:
Is your rent in line with the current market? A renter may be trying to save money and looking for something competitively priced. They’ll be looking in your community and comparing the size of your home, its amenities, and the rental price with other properties. If you put the rent at a price that’s higher than other landlords providing the same type of home, you can lose out.
Are you willing to build a great relationship with your tenant? Respond to repair needs or concerns quickly and efficiently, and your tenants are likely to stay longer.
Is your property clean and does it have newer appliances? Grunge in the corners, broken or chipped tiles, and old appliances are all things a potential tenant will notice and could use as criteria for rejecting your property.
Have you updated your property recently? Updated properties with fresh paint, carpet, and countertops are more dazzling to a renter.
Is the home in a good location? Renters want an easy commute to work, school, and recreational areas.
Tyson Properties is the leading local property management company in Albuquerque. Call us today to find out more about placing qualified tenants in your single-family property. 505-323-2104
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- When Do I Replace Exterior Items on an Albuquerque Rental Home?
- What Do I Do with My Parent’s Single-Family Home in Rio Rancho?
- Best Months to Put a Home on the Rental Market in Albuquerque
- Making Your Investment Last: Replace Items Inside Your Rio Rancho Rental Home
- How to Find Great Albuquerque Tenants for Your Home Rental