Owning a rental property in the Indianapolis area is a great investment. It allows you to earn passive income without having to put in too much effort day-to-day. However, in order to be a successful landlord, it’s important to take good care of your rental property, and completing needed renovations is a big part of that. Let the experts at Hearn Construction Inc. help you decide if renovations would be beneficial to you as well as your tenants.
Do you want to reduce maintenance costs?
As we mentioned above, the best part of owning a rental property is earning income without being actively involved day-to-day. If property maintenance is taking up too much of your time, or operating costs are eating into your checkbook, a renovation could help fix that. Consider upgrading appliances or features on your property that are causing problems and complaints from tenants. Spending a little money to upgrade and renovate now will save you time and money in the long run and make your life as a landlord easier.
Do you want to attract higher-quality tenants?
Another reason it may be time to upgrade your property is to attract (and keep) higher-quality tenants. If your property is run-down and outdated you won’t be able to raise the rent and get stable, high-earning tenants to live there. Quality tenants are more likely to pay rent on time and take good care of your rental, so renovating to attract them is more than worth it.
Are you losing out to the competition?
Finally, you may want to consider renovating your rental property to stay competitive in the rental market. If similar properties in your area have recently been renovated or upgraded, tenants will likely choose those properties over yours. Check out what amenities other properties in the area have to offer and renovate accordingly. This may include adding in-unit washer/dryers, improving the outdoor spaces, or adding pet-friendly features to make your property more attractive than the competition.
If you’re ready to renovate your rental property, start by working with a commercial contractor you can trust. Contact Hearn Construction at (765) 452-2669 or request a quote online. We have proudly served the Indianapolis area since 1990 and we can’t wait to work with you.