Three costly mistakes that investors often make, can un-knowingly dent the appeal of a property. Whilst exterior appearance undoubtedly plays a big role in enhancing the overall appeal of any rental property, there are various other factors to consider when deciding about a rental property. For instance, the interior of any property is just as important as the exterior. It is a well-known fact, that properties with well-designed interiors attract more potential buyers or tenants. Highly appealing aesthetics and functional design elements help a property stand out from others. In a competitive real estate market, mistakes in the exterior or interior of a property can jeopardize transactions.
But apart from the appearance of a rental home, three other items could result in costly mistakes in South Florida. Not informing tenants about water-flooding and flood resources; and purchasing flood insurance is one. Spending too much on landscaping is another, and failing to perform erosion-prevention tasks are all mistakes that property owners can easily avoid. With the right property management company by their side.
Mistake #1: Lack of Communication About Flooding
Possibly the most damaging blunder a property owner can make is not informing tenants about flood-related resources and purchasing flood insurance for their rental property. Floods can occur wherever in the country, and more so in Florida, given the hurricane season. Storm-related breakage, broken pipes, and other incidents can result in severe water damage. Ensuring that your tenants know what to do in the event of a flood is crucial for both, their safety and the welfare of your property.
There are many practical resources online and in your local South Florida communities designed specifically for managing flood-related events. Make sure tenants are aware of these resources, so they can prevent and navigate storm-related hazards. Another essential task for property owners to avoid costly mistakes is to secure flood insurance. However, it is important to note that many landlord insurance policies do not include coverage for flood damage; flood insurance must typically be purchased separately. It is always best to check the details of the insurance policy in advance to avoid unpleasant surprises.
Mistake #2: Overspending On Landscaping
Attractive landscaping around your property is a significant means to draw quality tenants to a rental home, and potential buyers alike. However, spending too much on elaborate landscaping can harm both a rental home’s value and its ability to draw prospective tenants.
Florida experiences two primary seasons resulting in a tropical and subtropical climate. This is often characterized by mild much-loved winters and the infamous hot, humid Florida summers. The problem is that gardens require a ton of care to maintain their year-round aesthetic appeal.
Florida is also home to numerous terrestrial ecosystems ranging from small islands to subtropical hammocks. From rock lands to sandhills, flatwoods, and floodplain forests, there is no shortage of inspiration for lavish landscaping ideas. However, opting for drought-tolerant plants that flower all summer long with little care, is often the way to go. Native Florida grasses also make great low-maintenance landscape choices as they require less water than turf grasses, Besides, they rarely need mowing or edging.
Some property owners wrongly presume that when it comes to landscaping, more is always better. However, many tenants don’t want to deal with the amount of work associated with maintaining an elaborately landscaped yard. In the case of rental homes, simple and attractive is far better than a showcase garden. So it is always advisable to balance tenants’ needs with owners’ aspirations to avoid overspending on landscaping.
Mistake #3: Not Deploying Erosion Prevention Tactics
Carrying out routine checks for signs of erosion around a Florida rental property’s exterior is another great way to spot problems early on. Large cracks and gullies in the soil, wet spots that never seem to dry, and dying plants are signs that erosion is causing damage to a property’s yard. The longer the erosion goes unchecked, the more expensive the damage will be to repair.
Replanting eroded areas with vegetation and covering them with mulch is a good solution for areas with light erosion around the property. Covering with mulch or stone is the best option for areas along footpaths. For heavy erosion problems, check dams or terraces for the most effective solutions. More often than not, with a little proactive landscaping, such as gravel, landscape timbers, and properly installed gutters and downspouts, a Florida property owner can better avoid expensive repairs, and retain their rental home’s value year after year.
How We Can Help?
One of the best defenses that property owners have against costly mistakes is knowledge and prevention. When you decide to engage the services of a professional property management company, you have a team of industry professionals on your side, providing proactive property maintenance solutions.
Based locally, we fully understand the problems associated with flooding, landscaping, and erosion in Pembroke Pines properties. And helping landlords avoid costly mistakes is our goal at Real Property Management Premier. If you have questions about your rental, contact us today. Download our useful guides and checklists from the Downloads sections of the website. Call us at 954-362-5235 for more information.
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