For you experienced landlords have you found that by putting nicer things in your home that it attracts a renter that is less likely to destroy your place? Or am I just as likely/unlikely to have my place destroyed by renters?
I'm just about to put in some nice cabinets and granite counter tops into my first rental because at some point I will probably move into this house but I am also hoping that it will possibly attract a renter that wont want to destroy my place.
If the marketplace supports it :)
It is surprising how few times tenants "intentionally" trash a house. It is more likely to happen if a matter was to become "personal". Try to keep the focus on a contract and not enter into any personal relationship or hint there in.
Those improvements will be good if you plan to use it. Otherwise they may become "over improvements" in the appraisers opinion and not get much value added when sold.
It all starts with your screening process, putting the right person in your property will take care of 90% of your potential problems. I know this lesson personally and very hard earned. We used to have over a 30% eviction rate mainly because we were putting the wrong people in the properties and not having the right policies and procedures in place to handle those clients.
Once we started being strict on who we put in our properties we went down to a less then 2% eviction rate and one of the highest rated and reviewed property management companies on Google for Houston market, this is by both Tenants as well as owners.
Be strict who you allow in and make sure you postion them in the beginning and your life will be a lot easier.
I wouldn't say better things = better renters. I would never put something in now for you to use later. By the time later comes around, your tastes could change. However, if you can get more rent for upgrading your unit, why not? Some renters are terrible and leave the place a mess but I would rather have more rent coming in then less, all things being equal.
The quality of the neighborhood & the quality of the home both come into play.
You will get better tenants with a nicer home because more tenants will be interested in the home & you will have more tenants to choose from.
Thank you guys for the help. This is my first rental and I am probably just overly worried.
Seems like screening plays a big role in renting out a place and I will make sure I don't get ahead of myself and rent it out to someone that doesn't fit the qualifications just because I want to start collecting rent when in the long run that may come back to bite me.
Nicer properties will attract more applicants. Even slobs have asthetics. The key is to screen for the tenant that will appreciate the upgrades over time.
You have a better chance of getting better tenants if you have a better property but, as others have stated, that depends mainly on your screening process. If you market a property which is dirty or run down you will only attract prospects who aren't bothered by the shortcomings--they will probably leave you a property in worse condition than they received it. Stable tenants who demand a clean and nice home will not ever apply for the run down one. Everyone will apply for the nice place. Now it is up to you to select the correct tenant, to screen out the poor one..
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