With over a dozen top-notch ski resorts within a two-hour drive, Denver is an appealing place to call home. A strong job market and blossoming cultural scene make owning an investment property in The Mile High City wise. But simply owning property isn't enough to help you grow your investment.
Curious to learn how you can protect your investment property and build your portfolio in Denver? Read on to find out!
Maintain Your Property
With a Denver investment property, you can't afford to neglect it. Strong curb appeal and a clean interior can help your property sustain its value.
Better yet, the right changes and routine services can help its value grow. As a property owner, you're responsible for:
- Servicing HVAC equipment
- Maintaining the home's facade
- Making reasonable updates to the interior
While you don't have to invest in the finest finishes, you'll reap the rewards of a remodeled kitchen. Keep the landscaping orderly and tackle major repair issues to help your property stay marketable.
Choose the Right Tenants
You'll improve rental property income with reliable, responsible tenants. Happy tenants will be more likely to treat your property well and renew leases. They'll also spread positive reviews about you as a Denver property owner.
Be an accessible property owner and respond to inquiries promptly. Be open to negotiating with quality tenants if a lease term seems too long. It's better to have your property occupied, even if for less time than expected.
Use tenant portals for communication. Tenants will appreciate having multiple ways to pay rent, for instance. And you'll enjoy the automated record-keeping to track payments.
Stay Compliant
As a property owner, you can't overlook local rules and regulations. Similarly, be mindful of state or federal rules for rentals. You'll need to comply with Fair Housing practices, for instance, and accommodate all individuals with an interest in renting.
Stay on top of Denver-area zoning laws, as well. As housing codes change, you don't want to incur fees for failing to adhere to the latest rules. You could face legal action if you're not!
Review Financial Reports
Lastly, if you're hoping to expand your real estate investment portfolio, you'll need to make the most of existing rental property investments. Look at:
- Repair costs and other fees
- Local market analyses
- Overall property investment returns
Maybe you need to budget for a significant repair. Or perhaps Denver rental prices are trending higher than expected. Quarterly financial analyses can help you prepare for these realities.
And if you're wondering how to start investing in real estate, reach out to the experts. A reputable property management team can help you select the right properties and assist with oversight.
Protect Your Investment Property
Making the most of your investment property can set the foundation for future investments. Maintain your property and be careful about choosing the right tenants. Adhere to local and federal property rules, and stay on top of your finances.
The team at PMI Cedarbolt brings over two decades of experience to the Denver real estate market. Our financial knowledge and property management expertise can help you expand your portfolio in this lucrative market. Contact us today to learn more!
