Whether you are planning to add a rental suite to your home or purchasing a new principle residence and turning the existing one into a rental property, there are things you need to keep in mind. The prospect of earning additional income from apartment rentals does sound lucrative, but remember, it is no easy money. Unless you have already hired a rental management company, you need to plan things really well to ensure that your rental property is profitable. If you plan to offer a home or homes for rent, here are some ideas from our property management experts to help you succeed.
1. Adding A Rental Suite: The easiest way to start earning income from your property is by adding a rental suite to it. If you already have a basement suite, it makes things even easier. You will need minimal renovation to get it tenant-ready. However, if you don’t have a suite ready, you can consider getting your garage converted into a rental suite or build a separate structure if resources and authorities permit. When investing in a rental property, you should make sure that the expected returns should outweigh the costs. It is best to seek professional help from one of the top rental property management companies.
2. Buying another property: If you think your current home can fetch you good rental income and you can afford another home, go for it. However, it is a huge decision and should be taken only after consulting experts from a reputed rental company in Calgary. There are few things to bear in mind. First and foremost, ensure that the down payment for your new home is at least 5 percent and should come from your savings. You should also make accommodation for ongoing repair and maintenance costs and for time periods when your apartment rental is lying vacant. After taking all costs and expected returns into account, if it still seems profitable, start your home or apartment search.
3. Don’t Skimp: Many people approach rental management companies only when their property has been lying vacant for a long period because it fails to attract tenants. Remember, if you are building a rental suite, it should be as good as your own home. Trying to cut corners such as installing poor quality cabinetry or skipping the insulation can lead to high turnover. In such situations, even the best Calgary rental management companies cannot help. So, make sure you create a happy and efficient space that commands a good price.
4. Invest In Value-Adds: Once your basics are in place-a bathroom, kitchen and a bedroom, you should consider adding some amenities that can increase your income. Some common amenities such as a washer and a dryer, dishwasher or a parking space can greatly enhance the value of your apartment rental. According to property management experts, something as basic as a bathtub can help you fetch a higher rent for the property. For every added amenity, you can charge extra.
5. Go Green: Invest in energy efficient utilities and charge a premium for that. Tenants would not mind paying a little extra rent if they can save on their monthly utility bills. If you are including dishwashers or washers and dryers in your rental property, go for the ones with higher energy star rating. Even small things such as low flow faucets can add value to your apartment and make things much easier for your rental management company.
Whether you are planning to buy a new home or turn your existing home into a rental property, get in touch with our property management experts in Calgary. We will help you navigate through the process and make sure that you enjoy a great return on your rental property investment.
LEASEWELL is a premier property services company in Calgary. We help landlords with all aspects of their rental property so you can focus on things that matter most for you. while we do the heavy lifting for you. Let us help you find great tenants and keep your rental in top shape to maximize return on your property investment.
For more please visit our website www.leasewell.ca or contact us at firstname.lastname@example.org
Property Manager | Calgary