There are several things that you can do to increase the income on your rental properties. Increasing profits from rentals is really all about lowering costs and providing amenities and considerations that would justify a higher rent from the tenant. Follow these simple tips to get the most out of your property.
Start by reviewing your finances. Look at your monthly budget. Does it work? Are you stretching to make your rent payments? If you are, you probably won’t want a larger mortgage payment. Look at what you really spend to see how much you can afford.
Become a respected source enabling them to get what they want. For example if your target market is convenience stores and your niche is FloodInsure what makes that attractive to a convenience store owner? You want to become the recognized expert for preventing catastrophic gaps in coverage that puts owners out of business. You have experience working with small business owners like them. You know their requirements, and you know what to look for to make sure they are neither over nor under insured.
Location is still very important. It’s essential to look for a property that is in a good location. Ideally you need somewhere that is close to local transport links as many potential tenants will not own their own car. Other things to consider would be close proximity to places of employment or education, for instance, if you are looking to rent to students you would do well to choose a property that is either in an areas popular with students already or an area that is simply nearby to a university. Look, then, for things like universities and hospitals as nurses and students make excellent long term tenants.
While checking out the gutters, take a look at your roof. Notice such things as damaged flashing, missing shingles, blistering, buckling, rotting, or growth of algae. Taking a look at your roof during spring cleaning activities will allow you to address any small issues and prevent them from becoming larger. If a new roof is what is needed, then you can schedule and plan for it before it becomes a liability.
The material you use in building your house has much effect on your home insurance premium. For example, brick homes are best in states with high winds while frame homes are preferred in earthquake regions. This means that people who live in the East will make huge savings if they opt for a frame house. On the other hand, those who live in the West will enjoy cheaper premiums if theirs is a frame house because of the earthquakes there. Expect to save a minimum of 5% if you opt for a house with the preferred material.
There are so many colors for metal roofing. This will add to the benefit of color choices to complement your home and add curb appeal which is a much needed plus to any home. Also if you are thinking to sell your home in the near future, metal roofing will increase your resale value of your home. Most traditional standard shingle roofs will not add any resale to the home.
In each of these examples, the home ends up without insurance coverage. Banks and mortgage companies do not like having loans on properties without insurance. If the house burns down, so does their equity. That’s the reason for “Forced-Placed” policies.
To get the best results, obtain quotes from at least three reputable insurance quotes sites that offer home insurance quotes. Getting quotes from this number of sites reduce the likelihood that you’ll miss any great offer.