Buying an investment property is a significant way to earn passive income and build wealth. As an investor, choosing the right investment assets can provide a variety of benefits. Besides giving you the freedom to make all the decisions, investing in real estate can prove undeniable tax benefits that can save a property owner money over time.
If your budget allows it, buying an investment property is also an excellent way to create and sustain long-term financial security. After selecting an investment property with jaw-dropping curb appeal in a desirable location, a property owner should notice that the home or apartment's resale value is slowly appreciating over time. If an investment property generates profit, the owner should consider it a worthwhile investment.
If you've recently closed on your investment property, it'll only be a matter of months before your house or apartment begins to appreciate. To ensure you rake in thousands of dollars in profits, you'll need to act strategically.
Above all, your top priority should be to enhance the property's resale value, however possible. Remember that boosting your property's resale value isn't always a matter of undertaking costly home improvement projects. It can be as simple as performing a few basic home maintenance tasks, including the following.
Invest in your erosion control strategy
Unbeknownst to most homeowners, unregulated soil erosion can have devastating effects on the property's resale value should landslides cause costly property damage. Some of the most common soil erosion effects include loss of land fertility, havoc-wreaking sedimentation, and increased pollution. All these factors lead to land degradation, which can spike the chances of flooding and potentially harm your property.
Fortunately, you can employ multiple soil erosion control strategies to reduce the impact of erosion on the property and increase its resale value. For example, a homeowner can purchase erosion control blankets or different mulches for erosion control purposes. Additionally, sewing a high-quality grass seed can stabilize otherwise crumbly soil.
Mow the lawn regularly
A property's outdoor spaces are usually the first things to pique potential buyers' interest. Because of buyers' tendencies to scope out the backyard and front yard first, the property's exterior landscape plays a critical role in determining its price.
Fortunately, regularly mowing your lawn can help maintain an appealing landscape sure to attract higher-paying buyers. If you happen to leave dying plants, brittle grasses, and untrimmed bushes in plain sight, your property will appear abandoned and unkempt. If a prospective buyer perceives that the owners were neglectful, they may not be interested in buying it. In a worst-case scenario, you'll have no other choice but to sell the property for a fraction of the asking price. To avoid these frustrations, pay close attention to your plants' growth, trim bushes regularly, weed as needed, and try your best to revive your wilting grasses.
Invest in your pest control strategy
If not properly-controlled, pests can be a menace on your property. They're damaging to the garden plants and pose serious health issues to the property occupants. Furthermore, the presence of pests and rodents can significantly affect the value of the property.
While some pests are nothing more than a nuisance, those that chew or feed on wood can reduce the property's structural integrity, increasing your repair expenses. The best way to keep these unwanted visitors out of your property to invest the necessary time and resources into your pest control strategy. For instance, if DIY pest control methods aren't doing the trick, recruit the professionals.
Start and maintain a garden
Starting a garden can benefit your investment property in a multitude of ways. Besides being a great source of fresh food, establishing a bountiful garden can increase the property's value and, most importantly, provide a lifeline for animals, birds, and indigenous plants.
Some native plants can help maintain soil health as well as filter the air. Because these gardens offer food sources for scavenging native insects and birds, buyer-attracting hummingbirds will flock to your property. Designing your landscape to fulfill the needs of wildlife not only beautifies the property but restores nature's balance.
Resale-value-boosting home improvement projects
When you've wrapped up all your home maintenance tasks and can manage to squeeze a home improvement project in here and there, try these resale-value-boosting weekend fixes. Remember, pristine outdoor spaces won't capture buyers' hearts if the indoor spaces are outdated or riddled with repair projects.
Clean and Paint the Property
Ensuring that the property is kept clean at all times provides an immediate return on investment. To keep the property's indoor spaces immaculate, dust surfaces, remove garbage/debris, repair any damages, and get rid of unpleasant odors. If overlooked, these messes can repel potential buyers. Additionally, you restore the property's condition by repainting it. With a fresh coat of paint, preferably of neutral colors, you can revive tired-looking properties.
Replace windows and doors
Another must-do commercial property improvement project is replacing outdated windows and doors. This step can help improve the property's overall appearance while reducing outside noise. Not to mention, a statement-making bay window can increase natural light in the property and decrease heating and cooling costs. Certain types of doors can similarly add elegance and allow more light into the property.
Final thoughts
Don't miss out on an opportunity to make tens of thousands of dollars. When you take property ownership seriously and complete the necessary home maintenance tasks, you can dramatically improve the home's resale value and wow prospective buyers from all walks of life.