Property owners can do a few simple things to make sure that their property is in good shape and ready to sell or rent. Staying on top of repairs and making sure the tenants are secure are two of the best ways to protect an investment so that the owner can get the most money for rent or from selling the home. Increasing the living space is also an excellent way to get the most money out of a property.
Preventive maintenance and upkeep
One of the best ways to get the most return on investment for a home is to make sure that all repairs are made as soon as they are discovered. Small problems like foundation leaks can start as a crack in the wall or concrete and eventually get worse, especially from freezing and thawing cycles in areas that have four distinct seasons. Preventive maintenance helps protect the property by minimizing repairs and emergencies.
Outdoor living areas
Anything that increases living space whether it is indoors or outdoors has a chance to boost the value of the home. Outdoor spaces like screened in porches, barbecue areas, fire pits, and decks help increase rental rates for property owners. Even a seating area in the front yard or a water fountain can help get renters quick to minimize vacancies.
One of the most important things that property owners can do is to find good tenants who will not destroy the property. This is one of the key things that professional property management companies like to do to is make sure the property is taken care of by renters. By performing extensive background checks to make sure the buyer or tenant has good credit and no evictions or prior home damage is necessary.
Security systems and lighting
Keeping a property safe is simple with strategically placed motion sensing lights. These can be installed on the garage, the back of the home, or near dark areas of the yard. Using security cameras or alarm systems is another way to protect an investment so that the owner can get the most money from the property. When people know that a home is safe, they are more likely to rent or purchase the house.
Effectively getting the most return on houses means taking care of the home from the time it is purchased. Making the most out of the available space is also helpful. Adding features that are unique or uncommon is also another way to get the most out of a rental property or a home that is to be sold.
About the Author: Lizzie Weakley is a freelance writer from Columbus, Ohio. She went to college at The Ohio State University where she studied communications. In her free time, she enjoys the outdoors and long walks in the park with her 3-year-old husky Snowball. The information in this article is credited to Memphis Investment Properties.