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Every property hits the open market a minimum of three times during its life cycle. The first is shortly after it is constructed, The second is after a replacement tenant is required and the third is when it goes up for sale. There are several improvements that you can make to your investment property to improve its selling turnaround time. A house that sits on the market too long begins to lose its value. The perception in the public eye and from interested tenants can fade with every month a property is vacant. You can do these 5 things when putting your investment property on the market to ensure you are ready to meet the needs of prospective buyers.
5 Ways to Improve Your Rental Property
1. New Doors, Paint and Trim
It is easy to forget about the small details. Homebuyers seem to never miss anything. Your property could have worn out doors or paint and trim work that used to be new. These materials fade over time and it is natural for wear and tear to occur. By fixing up these areas, you can be sure that your home makes the best impression on a buyer that it possibly can in your property area.
2. New Tile
Many bathrooms and kitchen areas are constructed with tile to help preserve flooring in high traffic areas. One of the problems with tile is the fading and grout stains. Dirt and debris always seem to hide in the grout and can takeaway a once shining new tile job. By cleaning or replacing the older tile, walk-throughs that take place through your property are sure to get you compliments on the fresh new look.
3. New Cabinets and Carpeting
Some investment property owners treat cabinets and carpet the same. Each is installed only once during the time that the property is owned. The average investment property will have 3 to 7 tenants in the first 5 or 6 years of ownership. The general wear and tear that is placed on these areas can add up fast. Cabinets that were in style 3 years ago could be out of style now. Pulling up old carpeting and replacing it with new is a great way to remove odors and liven up any room.
4. New Curb Appeal
The outside of a property is always the first thing that is noticed until someone walks inside. Part of the attraction of your property is the curb appeal it has. You would be surprised what adding new flowers, bushes, plants or shrubs can do to the perception of the home itself. Bright and colorful flowers or things like a new mailbox and post are a great way to get attention at the street level. When you make a great impression outside, you are over 50 percent of the way to accepting a solid offer to purchase.
5. Home Appraisal
Your appreciation rate could be higher some years and lower the next. It is always best to get a professional appraisal before you list your home. It could be worth more or less than your estimated numbers. You never want to list too high or sell too low. Both options can cause you to lose money. Playing it smart and getting the real value can help you maximize your investment property selling price.