Effective Ways to Lower your Monthly Expenses and Make More Money as a Landlord
Let’s face it, running a rental property has its ups and downs. Getting long-term established tenants is great but if there are any unexpected emergencies in your property, you are faced with expensive maintenance fees and liabilities. There are also the monthly bills associated with running your rental property. Since landlords invest in a…
Let’s face it, running a rental property has its ups and downs. Getting long-term established tenants is great but if there are any unexpected emergencies in your property, you are faced with expensive maintenance fees and liabilities.
There are also the monthly bills associated with running your rental property. Since landlords invest in a rental property to generate income, you should know how you can lessen your monthly expenses to increase your profits.
As a landlord, you must know how you can cut your expenses every month, save more and stay on your budget.
Reduce Utility Bills
Decreasing your utility bills is beneficial for you and your tenant. While you make home improvements to reduce the utility bills, you also increase your property’s value.
Home improvements such as updating the old light fixtures and replacing them with LED lights and bulbs are a small step towards reducing your utility bills.
Doing bigger improvements like sealing your windows to prevent any leakage or swapping your old appliances with newer energy-efficient appliances can help you save significantly.
Choose smart and get affordable energy-efficient appliances that only uses half of the energy its old counterpart consumes. Going green is also the current trend when it comes to saving energy and sustainability.
Tenants also look for properties where they can save on their expenses too. This makes your rental property more attractive and affordable for them highly cost-efficient.
New fixtures and appliances not only help you save on your monthly expenses, but it also increases your property’s worth.
Home improvements and upgrades allow you to charge a higher monthly rent. Replacing old appliances not only make your rental property look good, it increases its value and returns your investment immediately.
Since you have new fixtures and appliances, this means you are also saving on hefty bills of maintenance repairs. LED lights can last for at least 10 to 20 years. This saves you a lot on regularly replacing old light bulbs and on your electricity bill as LED light requires minimal energy. Lower consumption of energy means a lower electricity bill.
Sign a Service Contract
Every landlord’s nightmare is an unexpected maintenance repair in their rental property. This means costly repairs that leave them breaking their banks and losing their income.
When you have a service contract with your property management company, you are secured that any maintenance repairs for your rental property are dealt with efficiently.
A service contract is an agreement signed between the landlord and the property management company. The company will be responsible for taking care of any home damages at an affordable and discounted rate. They will perform any maintenance tasks like pest extermination, fix any home damages, improve your landscaping, snow cleaning and even do proactive routine inspections to ensure that your property is well-kept. Frequent home inspections also prevent any home damages to get worse and be more expensive to fix.
Since this is a signed agreement, a service contract is already included in your budget. It’s not an additional expense and will certainly save you a lot on any unexpected bills.
More savings means more income for you.
Obtaining an insurance policy for your rental property is a must and is even enforced in some states. Some lease agreements include an insurance policy automatically.
You might think that this is an added expense but it’s the other way around. Insurance is your guarantee that your property is protected. This is your investment, therefore, you want your asset and your income secured.
You don’t have to pay out-of-pocket for any unexpected expenses since you are protected from any costly property damages and liabilities through your insurance policy.
Insurance brings big savings to you and protects your monthly income. So don’t cut costs or you may seriously break your bank if you miss out on your insurance.
Curious about how you can save on your monthly expenses?
Give us a call and our friendly Property Managers can help you out! Green Ocean Property Management knows that when you save more, you earn more too as well. We have been successfully helping out our clients to earn more every month by offering them the best solution when it comes to their rental property.
The consultation is free!
Let our expert Property Managers guide you in your path to successfully saving up more every month. We offer reliable Service Contracts and Green Ocean Property Management’s Insurance Policy is very competitive and suitable for all of your needs. We have tied up with skilled and trusted local service providers who offer quality and affordable service for any maintenance tasks.
We have professionals who will closely monitor your utility use and advise you if there are any overage.
Contact us now and let us help you!
Reach us at firstname.lastname@example.org or call 617-487-4868. You may also visit our office at 268 Centre St Newton MA 02458.
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