Real properties are almost always sure investments – but they’re also big ones. Without correct property management, they can turn into white elephants and quickly make you regret your decision to add them to your portfolio.
Fortunately, maintaining and increasing the value of your property isn’t rocket science. Here are some things you can do in order to preserve the value of your real property, whether you bought it for yourself or as an investment.
Add Some Curb Appeal
You hear this all the time – but what exactly is curb appeal? It relies on the instant reaction of a potential buyer when they see your property. Even before they enter the house, everything they see will factor in to how they perceive the value of the home. Hence, curb appeal refers to the status of your fences, the freshness of the exterior painting, and the beauty of the yard. While prime landscaping isn’t necessary, the exterior of the house should have all the hallmarks of a well-kept property.
Repair the Roof
Understand that if you’re trying to rent or sell a property, a wise buyer/renter will have a full inspection done on it. Hence, painting the roof as part of the curb appeal of the house isn’t enough for this. The roof needs to be fixed, the leaks patched up, and the shingles replaced if worn out or rusty. Many renters and buyers prefer a home that require very little work done – and a roof requires lots of work. If you have it done however, you’ll find that this can easily increase the value of the house.
Apply a Fresh Coat of Paint Inside
There’s something to be said about a fresh coat of paint that makes a home look instantly brand new. Do routine painting in the interior of your home at least every 5 to 10 years or so to update the paintwork. If you have wallpaper – tear that down and swap it up for neutral paint colors. Wallpaper is now an old-school designing technique and creates an ambience of age instead of the fresh and new appeal you want to have in your home.
Upgrade the Windows and Doors
Brand new windows and doors don’t just create a fresh atmosphere to the house – it actually has something to do with energy. New facets are built to help with temperature control, thereby keeping the inside cool or warm, depending on the weather. This is an excellent addition to any home and will be seen by potential buyers as a cost-efficient and eco-friendly feature. Speaking of cost-efficient, you can also try adding some features that cater towards a green lifestyle. Perhaps a solar panel or a rainwater system can be added in a tasteful way? More homeowners are taking energy efficiency as a huge consideration when buying new homes.
Upgrade Your Bath and Kitchen
These are the two aspects of the home that are crucial for maintaining value. The rest of the house can have a rustic appeal, but the bathroom and kitchen should both be brought to the 21st century. Install body sprays together with your shower and upgrade to stainless steel faucets. Add a dimmer light to the bathroom so that it would be easier for others to create an ambience when in there. Paint the walls or retile the surface for a fresher look. As for the kitchen, switching to a faux wood finish can work wonders on the overall ambience of the room. Bring in an island and add more cabinet space in the area. All of these will make the space more functional and attractive.
Utilize Ignored Space
Convert the garage or the basement into a living area instead of leaving it to the elements. Additional living space always makes for a good draw and can instantly increase the rental price of any home. Take a leisurely walk around the property and find areas often ignored but can be utilized for something else simply by clearing the space therein.
If you have multiple properties that you’re currently renting out, it’s usually better to hire property management companies who will handle the areas for you. By doing this, you can concentrate on other aspects of your life while being sure that your investments retain their value and will continue to produce profit in the long term.