If you've been thinking about purchasing a rental property in a college town, go for it. According to Investopedia, owning a college rental property can be an excellent investment, especially since most colleges and universities no longer have adequate on-campus housing to meet the needs of their students. In addition, many college professors and staff members are also in need of housing. One drawback? Rental properties in college towns often require a lot of upkeep and maintenance because:
- Your renters may be living on their own for the first time. Regular housekeeping chores are often neglected, which can lead to moldy caulking and dirty carpets.
- Parties can be hard on a rental property. And, unfortunately, many college students — drunk on their first taste of independent living — love to throw parties.
- First-time renters tend to make honest mistakes that can be detrimental to your property. For example, they may think it's okay to throw leftover pasta down the drain, which could lead to a nasty clog, or they might sneak a dog in, which could damage the wood flooring in your property with its nails.
One of the ways you can save money on your rental property is by installing laminate flooring. Most students are not going to take care of carpeting, which means expensive cleanings between renters. In addition, laminate flooring is better in a rental property because it is:
- Very durable. They are typically scratch and stain resistant, which is especially important if pets will be allowed in your unit.
- Easy to clean. A mop and some cleaner is all you'll need to clean this type of flooring.
- Relatively inexpensive. For example, laminate flooring that looks like hardwood is typically much cheaper than the real thing.
- Attractive. Today's laminates are very attractive. For instance, you can find ones that look exactly like hardwood or ceramic tiles.
- Easy to install. A laminate flooring can be easily installed over many types of subflooring.
So if the college rental property you are considering purchasing is in need of new floors, it makes sense to replace them with laminates. In the long run, this investment will probably save you money since you won't have to hire a service to clean your carpets on a regular basis or to refinish your hardwoods. Laminates will also look new for a longer period of time, which means you won't have to replace them as quickly as you would if you were to install carpeting. Contact a company like Montgomery Flooring Systems to get started.