Are you taking the right measures to protect and preserve your property? Preserving your property will boost your returns on investment by increasing the market value of your property. However, embracing this goal requires a strong commitment to your investment.
You will have to invest your time, efforts and money into regular maintenance and repairs, upgrades and improvements, and remodels to add value to you property. There are several ways to achieve this goal. For instance, landscaping and revamping the backyard with a serene garden and an elevated deck will work wonders at boosting the market value of your property.
Likewise, installing a swimming pool, constructing a basement or transforming the kitchen floor plan will also increase market value and ROI. It all boils down to making enhancements and improvements that increase the value and appeal of a property. If you have tenants living on your property, the maintenance and repair needs are likely to increase, demanding more scrutiny and attention.
Keep reading to explore strategies that will help you preserve and enhance your property.
Repairs & Maintenance
Regular repair and maintenance is a crucial aspect of property management and being a landlord. A leaking faucet may not seem a significant hazard, but if neglected, it can sow the seeds for extensive water damage. Preventing minor issues from escalating into a full-blown structural disaster is a crucial step towards preserving the cosmetic and structural integrity of a property.
Are you attending all the repair and maintenance needs with vigilance and timeliness? If not, defects and damages are likely to aggravate, leading to disastrous consequences. A quick fix will save you thousands of dollars, time and effort, which you can invest towards making improvements and enhancements.
It’s wise to create a streamlined process of fixing repairs and performing seasonal and annual maintenance. Engaging handymen, electricians and plumbers is an ideal solution to ensure your rental property is maintained in top-notch condition. Maintaining long-term relations with these professionals will make property management easier and less stressful.
Undertake Regular Inspections
How often do you inspect the roof for cracks, leakages and defects? Do you examine the attic for signs of water damage or mold after every season? Do you prioritize seasonal and annual inspection to ensure your property is in pristine condition?
Regular inspections are a crucial step to highlight and identify any underlying issues or damages that can compromise the structure of your property. Issues like water damage, pest infestation, mold growth and electrical damages don’t happen overnight. These concerns start as a small defect, and when ignored, they grow into a significant hazard that threatens the property and the lives of its inhabitants.
Performing seasonal and annual inspections will help fix all such problems before they escalate into a dangerous disaster. It’s crucial to undertake inspections after winter and summer to eliminate all moisture-related issues and fix whatever damages your property may have incurred.
Landscaping Improvements
Landscaping is one of the most budget-friendly and dynamic improvements to boost market values and ROI. Is your property located in a home owner’s association (HOA)? Most HOA authorities require property owners to invest in landscaping to maintain the aesthetic appeal of the neighborhood.
Many landlords wrongfully assume that their tenants will take care of the landscaping and property upkeep needs. That doesn’t usually happen, and property maintenance does not fall under the responsibility of the tenant. As the property owner and landlord, it’s your responsibility to maintain the curb appeal, and enhance the landscape to boost the outlook of your property.
You don’t have to invest thousands of dollars in this endeavor, unless you can afford the investment and want to enhance the landscape. You can explore a wealth of ideas and inspirations. For instance, planting a few trees and bushes, vibrant beds of roses and aromatic flowers, and an idyllic herb garden is all it takes. Investing in a reliable drip system, and erecting a patio with a deck will transform the backyard into an attractive space.
The backyard is a very important space when it comes to remodeling and landscaping. Tenants are attracted towards properties that come with an aesthetically pleasing backyard that is ideal for entertaining guests. You can invest in a sizable swimming pool or a hot tub, or plan other upgrades to make the backyard attractive and appealing.
Interior Enhancements & Upgrades
Interior upgrades are crucial in boosting market value and ROI by investing in cosmetic and structural enhancements. You can enhance and upgrade any given living space in your property, such as the bathroom, bedrooms, kitchen, basement, attic and even the garage.
For instance, investing in premium quality cabinets and adding more storage space to the kitchen will work wonders at enhancing utility. Potential tenants and buyers are greatly attracted towards large kitchen spaces with ample cabinets and storage space, and state of the art appliances. Investing in sleek and smart-enabled appliances is also a terrific strategy to boost market value and charge a higher rent.
You can also change the fixtures, such as sinks and faucets, ceiling fans, lighting and even the HVAC system to offer more comfort and utility. Investing in luxury elements, such as chandeliers, hot tubs, Jacuzzi's, or an indoor swimming pool would be an opulent enhancement. However, such upgrades cost a great deal. We advise property owners to consider constructing a basement to create more living space that they can rent out and increase their income.
Final Thoughts
Upgrading and sprucing up your property is a crucial endeavor to support property appreciation and continue boosting the market value. However, if you do not have the budget to make upgrades and enhancements, be sure to perform the repair and maintenance needs with vigilance.
Explore strategies that can help you enhance the cosmetic and structural appeal of your property without breaking the bank. For instance, you can spruce up the curb appeal with regular lawn maintenance and planting seasonal blooms. Likewise, you can change the fixtures and flooring to transform the interior appeal.
If you’d like to talk more about property management, or you need help with Everest Property Management, please contact us at Everest Realty.
As a top producing Realtor and Property Manager; Terry specializes in sales, extensive construction homes, rentals, REO’s, short sales, and all aspects of Real Estate. After graduating the University of Michigan with a master in MBA, Terry continued his endeavor and now has over 15+ years of experience in the Real Estate world. If there is anything that has to do with Real Estate and sales, you can always be sure of Terry to provide important, specialized knowledge.
