Upgrades that Pay Off

Wall Street Kitchen 2
Creative Commons License photo credit: thekitchendesigner.org

If you’re a property owner then you’re probably looking to get the most value out of your investment as you can, especially if own rental properties and consider this a major part of your income. One way to increase the value of your property is by making wise upgrades and investments.

No decorative touches. If you’ve got a decorating bent this may be difficult to avoid, but you’re not going to attract better tenants if you’ve got a wonderful faux finish on the walls and beautiful window treatments, yet your plumbing is faulty. It’s best to go neutral with your decorating scheme.

Curb appeal. Go neutral but don’t forget about making your place attractive to prospective tenants. Keep the exterior (and interior) neat and clean. Make sure lawns are mowed, sidewalks are shoveled and the property is well lit at night.

Security. Along with appropriate lighting, add other security features that will make residents feel safe and comfortable. Invest in an intercom system and having a secure building.

Structural upgrades. If you’re looking to sink some serious money into your investment property, then consider going for the solid stuff. Make structural upgrades that will enhance the value, the durability, the appearance and make sound environmental decisions. Consider adding more energy efficient windows which will decrease energy bills and make the home more attractive.

Routine Maintenance. Always put the routine maintenance chores on the top of your list. These little extras are noticed by prospective renters and they not only annoy current tenants, but can actually pose health hazards. You’ll also be doing yourself a favor by stopping problems before they spiral out of control.