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Giving a Store and Maintain your Business Tools and Equipment with Self Storage
For the small business owner, particularly for businesses which require access to tools and heavy equipment, self storage can be a real boon. If you're a landscaper, carpenter, plumber, or electrician, you need easy access to the tools of your trade. ...
Ten Commandments For First Time Residential Property Investors
Potential residential property investors are often bewildered by the wealth of information available regarding property investing, which is often contradictory. First time property investors should take the following points into consideration before ...
The Final Walk Through
So you've bought a house. The paperwork is signed and in order, and all that remains is your final walk through. Wait! Your job isn't over. The final walk through can be a crucial step in the home-buying process. While it's true that home inspections ...
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1. Keep more of what you have (e.g., tax strategies, rehab efficiencies, cost savings)
2. Add value to something (e.g., a real estate investment, stocks, bonds)
Let's focus on adding value to your rehab investments.
The most obvious is certainly bring it back up to standards. We HAVE to do the obvious things such as:
- Ensure there are no plumbing leaks and the entire plumbing system is in good working order, including potable water and sewage/septic and water heater.
- Ensure the electrical system is safe and working. This may require an upgrade. This includes all outlets, breakers, heat and AC.
- There can be no leaks in the roof! Obvious, but sometimes this is hard to determine if it isn't a rainy season. You might have to take a garden hose to the roof to be sure. Station someone in the attic with a flashlight.
- Get rid of any rotted wood or termite damage, repair walls, etc.
Those items I've listed and others like it are no-brainers. But how do we really add value to the eye? We make it pretty!
- We paint all walls and ceilings (usually bright white)
- We replace flooring, or if there is acceptable carpet or tile, we professionally clean and restore it.
- We hang mini blinds on the windows.
- We trim trees and bushes, paint the outside make the exterior look fresh.
Now, to get the sale, or to get it rented immediately we do some of these things that really make a difference (notice the emphasis on kitchen and bathrooms!):
- Replace or refinish the kitchen cabinets, sink and countertop.
- Replace the toilet, vanity, and resurface or replace the tub.
What if we want to really make OUR property stand out on the market? What if we want there to be NO question as to what a great house this is in the buyer's mind? What if want TOP DOLLAR? Try these inexpensive upgrades!
EXTERIOR
- Put a decorative fence in front. Plant some shrubs along the front of the house with attractive landscaping bark around it for color
- Replace the front windows with something more
attractive.
- Install lighting along the walkway
- Plant a tree
- Install a new mailbox
- Build a deck in the back
- Increase the exterior lighting. Motion sensor lights are a nice touch.
INTERIOR
- Install a security system. Sometimes the system is installed free with a year's monitoring. Make the first year of free monitoring (prepaid by you) a selling point.
- Install a garage door opener
- Install a used hot tub. You might be surprised the amount of folks who no longer want their hot tub!
- Include a microwave.
- Buy new appliances. Kind of expensive, but a deal maker. Try making this an incentive for a full price offer.
- Lay ceramic tile instead of vinyl.
- Go with snap-and-lock hardwood flooring instead of carpet especially in a great or living room.
- Upgrade the faucet to something sleek and modern. There are hundreds to choose from. Go with an extra large sink.
- Replace the cabinet and drawer hardware to something extra fancy. This can make an average kitchen POP for little extra cost!
- Add ceiling fans instead of just new overhead lighting fixtures.
- Add chair rail molding in the dining and living rooms.
- Buy the attractive switch and outlet covers instead of the basic contractor grade covers.
We, as investors, need to make the rehab fit our strategies. If we want to rent the property, you probably won't add as many upgrades. If you are looking to sell, and you need to get that property noticed, you should add as many of the upgrades as possible within your budget, especially the visual upgrades.
I hope this list has got you thinking creatively about how to pump of the value of your next project!
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Alan Simpson is more wrong than ever on Social SecurityLos Angeles Timeswho has long been the go-to guy for obnoxiously know-nothing takes on Social Security, this week uncorked yet another spectacularly misinformed "factoid" about the program's history. In a letter to Max Richtman, a former Senate staffer who now heads ...and more » |
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