A.D. Cantelmo Property Management
Our Business is Property Management in Orange County California
Make your Rental Property cost friendly
One of the most overlooked areas when talking about investment properties
is how cost efficient is a Rental property. I wrote in my last blog about how
ceiling fans can save Tenants money, but what else can a Landlord do to help
with monthly cost savings for Tenants.
A Marketing Boost
When you market your rental property, First a Landlord has to understand that Tenants may be more
sensitive to cost then they may think. When we buy a car, we look at the window
sticker to see the gas millage, why would we think that monthly cost at a
property would not be an issue. Now I can’t say that people did not rent a home
because they thought that the cost of utilities would be too much, but I have
had people refuse to water the lawn because of water usage. What does this mean to a Landlord?
Often, we don’t think about how to make a rental property
cost friendly, but there are ways and that can help with the marketability of
the property. First I mentioned about how I had a Tenant not want to water the
grass. Now that Tenant should have realized the grass needed to be watered and
if that was going to be an issue, they should not have rented the property. But
a Landlord should think about the cost of the maintenance of the property
especially if the Tenant is going to have to pay for those costs.
Maintenance friendly Landscaping
Making the exterior of the property maintenance friendly is
a good place to start. If a Landlord wants a high maintenance yard, then they
should think about either paying for the cost or compensating the Tenants.
Thinking that a Tenant wants to pay extra for a well landscaped yard may be
wishful thinking and if you as a Landlord think that the Tenant wants to mow
the lawn, good luck. Putting in a yard that is low maintenance and low cost is
a boost for the property.
Efficient Appliances
Another way to help with the monthly cost of a rental
property is to have newer appliances. If the property has old energy hungry
appliances, especially if you are leaving a refrigerator, than the energy cost
will be much higher than if the property has newer energy efficient appliances.
If the property has solar that should be a big marketing
boost, but going solar is expensive and rare in a rental property.
Natural Gas
Using natural gas appliances will also save money. Natural gas is much cheaper than electricity, so if you have a heater, oven or stove top
that is natural gas, that can also save your Tenant money.
Efficient Windows
Making Windows more energy efficient, whether that is by installing new windows or improving old windows by calking, weatherstripping, tinting and window coverings, that can save your Tenants money on energy costs.
As I always say, Landlords should not go out and change
everything all at once, but when things break, replace them with more efficient
appliances. If you take a few steps towards a more efficient home, you will
save your Tenant money and that will lead to longer staying and happier
Tenants.
A.D. Cantelmo Property
Management Specializes in Property Management in Orange County
Ca.