Some landlords don’t value their properties like they should. They believe it’s a “lost cause” or “too far gone.” However, this is simply not true. Some very small investments can make a world of difference on your property’s valuation. Most upgrades aren’t even things that require large amounts of time and money. Improving appearance, efficiency, and function will turn your property around.
Appearances can be everything. If your rental property is visually pleasing to the eye, you’ll have an easier time filling vacancies. Plus, you’ll be able to charge more than neighboring units. This first option might not be the cheapest (or the easiest), but a fresh coat of paint on the outside of your building can go a long way. How is the condition of your parking lots or driveways? You won’t need to perform a major repair to fix up concrete/asphalt. A less expensive option is to patch any existing cracks or potholes. What about your roof? This is the first thing inspectors and real estate agents will be concerned with. A new roof is expensive and not visually appealing, but will appeal to any potential buyer.
You’ll get the most bang for your buck with proper landscaping. If you live in an area with a lot of grass make sure to mow the lawn regularly and don’t forget to weed eat. Pull or spray invasive weeds and get rid of any dead leaves. Replacing mulch every couple years can help protect from weeds as well as improve looks. Lastly, sprucing things up with new plants or trees might even make the biggest difference. It’s probably time to remove those ugly bushes and replace them with something more appealing.
Upgrading to energy efficient items will save you money if you pay for the utilities. At the very least your residents will appreciate green appliances. Anything from light bulbs to dishwashers can be replaced with better products. A lot of states even offer rebates (EnergyStar) and tax credits for energy efficient upgrades. No tenant will complain about getting upgrades to their unit.
While some states require you to paint the interior walls between each tenant, it’s best practice to go ahead and paint anyways. Nobody appreciates stains, scratches, and holes in their walls. Other miscellaneous items to keep track of include torn window screens, squeaky door hinges, and dirty floors. Keeping up on these maintenance items will prevent more serious repairs.
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