Real estate investing is one of the most effective ways to build wealth. However, it can be a nerve-wracking experience to deal with tenants, repairs and bad real estate purchases. However, where there is a will, you can always make a way. As you learn the ropes of the real estate industry, you can find a specific niche that works best for you. No matter which niche you choose, there’s one common denominator: the upgrade. You’ll always want to leave a home better than you found it. Whether you’re doing a quick flip or a long-term rental property, consider the following upgrades that can improve the value of your investment property.
Though hardwood flooring is the most attractive option, you’ll want to invest in an option that’s not difficult to maintain. This is especially true when you’re dealing with tenants who don’t necessarily care about a property in the same way that you do. An option like vinyl flooring will give you the look and appeal of your favorite hardwood options without the difficult, costly or time-consuming maintenance. It’s like getting the best of both worlds.
Paint might seem like an easy option, but it actually can do wonders for the look of a home. Once the walls are all primed and ready for paint, choose a simple color that will complement any look. A simple white option will work universally. However, it might not be wise to choose a stark-white option as that can actually look harsh. Take a look at the different shades to find a universal shade that will work in your property. It’s also good to find a finish that is easy to maintain. If a tenant accidentally splatters food or another liquid on the wall, it’s good to choose a finish that’s not difficult to clean after spills.
Investing in energy-efficient appliances and systems will keep the expenses low over a longer period of time. As the conversation surrounding climate control continues to evolve, you’ll want to approach your real estate efforts with thoughtfulness regarding the environment. Install solar panels to provide the energy in your home. Consider planting a tree that can provide shade. Install water filters to decrease the use of plastic water bottles within the property. Because so many more people recognize the importance of eco-friendly practices, any energy-efficient efforts and initiatives you implement will naturally increase the value of property in due time.
As you do your research, you might discover that some of the tasks are ones you can do on your own. With some sweat equity and a good YouTube tutorial, there are some skills you can learn along the way. However, don’t forget to save your time. Time is a precious commodity. If you can pay the professionals to do a better job than you ever could, that’s the best way to go. Over time, you’ll build the right relationships that will help you foster a streamlined system for improving the value of your properties.