Today, it can be somewhat more difficult than it was even just a few short years ago to pick up bargain properties and possess immediate value. But, even if you need to hunt and peck at little in order to find great deals, there are still ways that you can easily increase the value of your investment.
Increase the Curb Appeal
One of the best ways to increase a property’s value is to make its exterior appearance appealing. While this may not be new news, the outside of a house or building is the first thing that people see – and if it isn’t inviting, it may be the only thing that a potential renter will see as they drive away.
Increasing the curb appeal doesn’t have to take a lot of time or money. Just some of the things that you can do include putting a fresh coat of paint on the exterior, trimming trees or bushes that may have gotten a bit overgrown, and ensuring that the grass is cut regularly.
Decrease Your Costs
As an investor, you may be paying too much for various items that relate to your property (or properties). Here, you might negotiate a better rate for certain services that you have performed, such as yard maintenance. You could also consider transferring some of the expenses that you currently pay over to your tenant.
It can also be cost-effective to ensure that all of your appliances and systems are in good working order. For example, a leaky faucet could be costing you money every month. But, by taking just a few minutes to get this item fixed, your long-term savings could add up.
It has often been said that when it comes to real estate, the profit is in the purchase. Here, by doing your research, you will be able to locate good deals – even in a seller’s market. While this may require you to look at a lot more “potentials” up front, it can be well worth it if you are able to find a property that is priced at $25,000 or $30,000 below its value.
Creating value for yourself with your investment properties can also be essential. For instance, if you are spending too much time managing the property or fixing leaky toilets, then the time aspect could actually be losing you money, too. Rather, by passing off these activities to a property manager, you will be able to spend your time doing other, profitable endeavors. For more details on how you can successfully work in conjunction with a property manager, Contact Us today.