| l of this real estate investing article is to show | | | | and that you use quality materials. |
| ways a real estate investor can increase the | | | | 3) Dig for Interior Treasure |
| value of investment real estate. But unlike | | | | If you're looking at an investment property that's |
| expensive upgrades generally associated with | | | | priced below market, chances are it's because the |
| building improvements such as a new roof, siding, | | | | previous owner failed to care for it. Turning |
| or exterior paint, an investor can actually | | | | around a property that hasn't been cared for can |
| implement these four steps quickly, easily, and | | | | take ample cleaning, fixing, and painting, and may |
| inexpensively. | | | | take time, but it will be worth it. |
| 1) Upgrade Vacant Land | | | | Here are some easy things you can do during the |
| If your investment is vacant land (not improved | | | | inspection process to maybe uncover a few |
| rental property), there are several things that you | | | | "gems" hidden in the property that might give the |
| can do in an effort to add value. For instance, you | | | | interiors a fresh and more expensive look. |
| might consider getting a temporary use so the | | | | Look under the carpet for hardwood floors, tile, |
| land can be utilized maybe as a U-Pick strawberry | | | | or marble. Bringing these back to their natural |
| patch, or an overflow parking lot for a used car | | | | state can be much easier than replacing the |
| dealership. Clean out any junk or debris littered on | | | | carpet, and certainly can add value. While you're |
| the land, and try to get the neighbors to clean up | | | | at it, also look for rotten floorboards, termite |
| their properties, as well. If the lot is barren, | | | | damage, and worst of all, asbestos. The key is to |
| consider strategically planting some trees or plants. | | | | know what you are dealing with in all eventualities, |
| Finally, see whether the local authorities are willing | | | | and if a problem is encountered, you can get an |
| to rezone the land to a higher and better use. | | | | estimate on what it will cost to deal with it, or |
| 2) Spit-Polish the Exterior | | | | walk away from the deal by using one of the |
| Curb appeal is the property's calling card. The first | | | | outs in the purchase contract. |
| impression a prospective buyer gets as he or she | | | | Check under the paint on doorplates, hardware, |
| drives past or up to your income property can | | | | and railings. Countless brass fixtures and other |
| mean the difference between a sale with a profit | | | | brass items have been discovered in older |
| and no sale at all. Start with the landscaping. | | | | properties under blankets of paint that you |
| Pruning or replacing plants and shrubs around the | | | | wouldn't be able to replace today for less than a |
| building is a good way to add very positive results | | | | fortune. |
| immediately and in the long-term. In fact, | | | | Tap on the doors and walls to see whether |
| landscaping is probably one of the best elements | | | | they're solid. Solid wood doors in good shape can |
| for you to consider first. | | | | be restored and add value to a neglected building. |
| Redesigning the property's entrance can also | | | | Solid-sounding walls might indicate block or heavy |
| dramatically impact the property's appearance. As | | | | plaster, which are more costly building materials |
| can a new walkway or the installation of a new | | | | than cheap wallboard, and therein capable of |
| door (many consider the "front door appearance" | | | | adding value to the real estate. Plus, these |
| one of the very best single expenditures). New | | | | better-quality features are sure to provide you |
| door hardware, a new brass mailbox, and a new | | | | with good marketing copy later. |
| brass doorknocker around a freshly painted or | | | | 4) Exhibit Pride of Ownership |
| new door, for instance, can be all it takes to give | | | | Any owner making an effort to maintain a |
| an overall impression of quality throughout the | | | | property in top condition and shape is an owner |
| building and the kind of "remodeling" that can turn | | | | exhibiting pride of ownership. Thus giving the |
| a dull, drab property into a fresh vibrant one that | | | | impression that the property was purchased to |
| seems to beckon new buyers. | | | | be "owned" and not for a fast turnover, and in |
| How should you handle things that need "fixing"? | | | | turn making the most positive statement to |
| If you're new to real estate investing, you might | | | | tenants and future buyers. Moreover, how a |
| shy away from properties that need a lot of | | | | landlord maintains his rental property becomes |
| repairs unless there's ample capital to handle | | | | public knowledge in a short period within small |
| hidden problems that could surface. Otherwise, | | | | communities, and even in larger cities, eventually |
| here are some tips. | | | | becomes known inside real estate circles. |
| Small items that need to be fixed should be | | | | Just be clean and neat. Pride of ownership doesn't |
| completely repaired with quality material. Leaky | | | | have to be lavish or extravagant, nor should it be |
| plumbing fixtures, broken toilet seats, sticky | | | | unless the rents and property location warrants it. |
| doors, faulty cabinets that neither open or close | | | | The idea is to draw interest in the property and |
| correctly, and so on, are all minor things found in | | | | at the same time to eliminate any doubt that |
| most rental properties that can be fixed | | | | things are not well maintained. |
| inexpensively. Just be certain that you do it right | | | | |