One of the questions I hear most frequently from people interested in Columbus real estate investing is: how much can I earn per month for my rental property? A lot of factors go into pricing your investment property, and today we’re breaking those factors into two specific areas.
Location of the PropertyLocation is always going to play a major part in pricing. If your home is in a great school district, you’ll get a great rental rate. If you’re next to a railroad track or a freeway, it will affect the rent you’re able to bring in.
Condition of the PropertyYou have control over your property’s condition. So, if you’re one of those people that has deferred maintenance or you’re not fixing things the way they should be fixed and windows aren’t working and the carpets aren’t cleaned, I won’t be able to help you. It’s necessary to change your approach to maintenance, and if you do pay better attention to property condition, we’ll probably be able to improve your property’s performance over the course of a year.
Improving Your Rental PotentialThere are some things you can do to improve your property without breaking the bank. Paint and carpet go a long way with new tenants. Take care of issues that affect the value of your asset. Fix leaks. It sounds crazy, but a lot of people don’t want to spend the money on a new roof even if the property needs one. To maximize your rents, you can make other improvements at the property. Consider the replacement of your countertops and put in a new backsplash, for example.
There are lots of ideas to share, and we’d be happy to walk out to your property and make some recommendations. Please contact us at Solutions for Real Estate with any questions about Columbus property management. We’d be glad to share some thoughts.