Have you struggled to find a cost cutting guide for your rental properties? Listed are several ways to save on your rental property. From lighting and landscaping to rent increases and regular maintenance, you can save on your rental property today!
Regular Maintenance:
Establish a routine maintenance schedule for your rental property. This will prevent bigger issues from arising and help you identify and fix problems early on, reducing costly repairs down the line. Regular maintenance could include; mechanical maintenance, structural integrity, seasonal maintenance, and flooring and painting.
Energy-Efficient Lighting:
Switch to energy-efficient LED bulbs in all light fixtures to save on electricity costs. LED bulbs are more durable and have a longer lifespan than traditional incandescent bulbs.
Energy-Saving Appliances:
When replacing old appliances in the rental property, opt for energy-efficient models. Look for appliances with an Energy Star label, indicating that they meet specific energy efficiency criteria set by the Environmental Protection Agency.
Smart Thermostats:
Install programmable or smart thermostats in the rental unit. These devices allow you to set specific temperature schedules based on occupancy, helping to save energy and reduce heating or cooling costs when the unit is unoccupied.
Water Conservation:
Reduce water consumption by installing low-flow showerheads, faucets, and toilet systems. Also, check for any leaks and promptly repair them to avoid water wastage and potential damage.
Landscaping:
Consider low-maintenance landscaping options that require less water and maintenance. Opt. for native plants that are naturally adapted to the local climate and require minimal watering. Examples of low maintenance plants would be, hostas, coralbells, dianthus, and perennial plants that come back each year.
Bulk Discounts:
Buy supplies in bulk whenever possible. Purchasing cleaning supplies, light bulbs, and other items in larger quantities can save money in the long run.
Do-It-Yourself (DIY) Repairs:
Learn basic repair and maintenance tasks that you can handle yourself. This can save on repair costs, especially for minor issues that don’t require professional intervention.
Tenant Education:
Educate your tenants about energy-saving practices and encourage them to be mindful of their energy and water usage. Provide resources on how they can save on utility bills and reward them if they achieve notable savings.
Insurance Review:
Review your property insurance policy regularly, ensuring that your coverage is adequate and that you are not paying for unnecessary extras. Shop around for competitive rates but make sure you have adequate coverage.
Rent Increases:
Evaluate rental rates periodically to see if an increase is warranted. Stay informed about local rental market trends to ensure your rates are competitive but still provide a good return on investment.
By implementing these cost-cutting measures, you can reduce expenses and maximize profitability in your rental property business. At BACH Real Estate Investment group we want to help you cut costs the right way. If you are interested in joining BACH click here.
