Tim Collins from Student Rental Investing talks about why now is the best time to update your student rental.
One of the biggest complaints people have with student rentals is that they get run down quickly. It’s true that the rentals endure considerable wear and tear, as you’ve got six adults living in a space. One of the initial ways of mitigating the run down effect is by selecting materials that are appropriate for high traffic, such as flooring that is scratch resistant, functional kitchens etc.
After the end of April many students vacate the properties and go home, so that’s when we can get in and do any necessary renovations while causing the least inconvenience for anyone. It’s also a great time to clean up the outside of the property, remove garbage and get things looking good.
What you should look for during summer clean up:
• How is the condition of the flooring?
• Are the toilets flushing well and not constantly running?
• Is the painting tired and scuffed in need of freshening up?
• Are evestroughs clean and directing water away from the house?
• Is the outside of the property clean?
• Are there and dents in drywall to fix?
Of course, if you have more major things to do such as replacing the roof, or gutting the kitchen or bathrooms the same applies in terms of the summer being the best time.
During the year, I advise landlords to visit the rental periodically to see how their condition changes over time. I aim to visit my properties once every four to eight weeks to see how things are going. I do have a property manager who does a great job but I need to see them to constantly evaluate the potential upcoming maintenance.
For more information, check out www.studentrentalinvesting.com
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
Little Burnt Bay, Riversdale, Bunyan's Cove, Frankville, Bluevale