When it comes to renting out a property, it’s critical to consider the outside just as much as the inside. Three things to watch out for are forgetting to tell tenants about flood resources, spending too much on landscaping, and not taking care of erosion prevention. A good property management plan can help you steer clear of these mistakes.
Lack of Communication Regarding Flooding
It’s not only an issue of obligation but also a smart financial move for property owners to educate tenants about flood resources and the importance of purchasing flood insurance for their rental property. Floods can take place anywhere, including relatively dry locations, and can lead to significant water damage. Property owners can save thousands in repair costs by ensuring tenants are well-informed about flood preparedness, resulting in a mutually beneficial arrangement.
Property owners should share valuable online and community resources with all tenants and consider purchasing flood insurance. Numerous landlord insurance policies do not involve flood damage and must be acquired independently.
Spending Too Much on Landscaping
With reference to attracting high-quality tenants to a rental property, it’s essential to provide a visually appealing and practical outdoor environment. Even though investing in landscaping can improve the overall appearance of the property, it’s vital to maintain a balance. Spending excessively on intricate and high-maintenance landscaping can potentially depreciate the property and discourage potential tenants who choose low-maintenance outdoor spaces.
A basic yet well-maintained landscape design entices more attention than an elaborate and demanding garden. Numerous tenants want outdoor spaces that are easy to upkeep and necessitate minimal effort to maintain, so a simple and well-maintained landscape is appealing to potential renters.
Failure to Employ Erosion Prevention Tactics
Regularly checking for signs of erosion around a rental property’s exterior, like massive cracks and gullies in the soil, constant wet spots, and dying plants, is a preventative step that can save property owners from expensive repairs.
The longer the time erosion is left unchecked, the more expensive the harm gets. Property owners can easily prevent erosion by employing proactive landscaping measures such as gravel, landscape timbers, and well-installed gutters and downspouts, thus preserving the condition of their rental home and preventing unwanted expenses.
One of the best approaches for property owners to prevent costly mistakes is to work with a team of industry professionals. When you choose a professional property management company like Real Property Management Richmond Metro in Hanover County and its vicinity, you can be sure that preventative property upkeep and cost-effective exterior improvements will be carried out on a regular basis. For further details, contact us online or call 804-823-8882 to talk to one of our representatives.
Originally Published on June 28, 2019
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