Have you ever dreamed of owning an investment property? If you have seen articles and TV shows about scary maintenance problems, flipping houses, and other projects, the idea may seem out of reach for you. It doesn't have to be.
With a turnkey property, your new property is ready to go. Are you interested in turnkey property management? Here are five huge benefits of investing in newer properties.
1. No Maintenance Surprises
Even with a property inspection, you can still find major problems with your property. These could arise once you purchase it, or even after tenants move in. Either way, fixing them will be costly.
With a turnkey property, you won't have to worry about maintenance issues. All of the appliances, plumbing, and electricity will be new, and fresh warranties mean that it will be easy to get replacements if you have to.
2. Attract Tenants
Newer properties tend to attract tenants with more to spend. In addition, the applicants with higher budgets are less likely to damage your property or get behind on rent. You won't have to spend their security deposit on repairs once they leave.
Even better, if you use a property management company, you can avoid tenant interactions completely. This is a great solution if you are out of town or you don't live in the area.
3. Higher Property Values
Turnkey properties appreciate more quickly. Since everything is new, these types of properties will be competitive in both the renter and real estate market.
If you want to sell your turnkey property, you will be sure to make a profit. Keep it updated and in good shape, and you could make a lot of money if you decide to wait a few years to sell.
4. Lower Vacancy Rates
An empty rental property means money lost. Every month that goes by, you miss out on the opportunity to earn rent that could cover your mortgage, or even just provide you with some passive income.
You will attract tenants more quickly when you advertise a turnkey property. You will also not have to waste time on fixing up the place or dealing with major renovations and maintenance problems.
5. Desirable Neighborhoods
Newer homes tend to be in safer, more desirable areas. These homes are often part of HOAs, or homeowners associations. They are more attractive for families due to better school districts, walkability, and amenities.
Neighborhoods where residents feel safer have higher property values as well. They often work with property management companies to keep things running smoothly and deal with things like HOA management.
Consider Turnkey Property Management Today
If you want a simple way to make passive income, turnkey property management is the right option for you. With these and many more benefits, you can begin your real estate investment journey.
Are you looking to become a property manager in Bloomfield Hills, Minnesota? PMI Great Lakes is the perfect partner for your investment journey, from tenant interactions to daily operations.
Contact us today to get in touch with our team.
