Maintaining Your Investment as Landlord

You’ve just bought a new investment property and visited creditreport760.com to double check that your credit is fine. You have a solid ten year plan, you’ve thoroughly inspected every square inch, and you are ready and eager to accept tenants. But before you take out an ad in the local paper, there are a few things you should consider. The following points may mean the difference between a well maintained investment and financial dead weight in the future.

The “Dos”:

  • Do interact with your tenants

Some landlords feel that once tenants have moved in, no further interaction with them is required. However, regular interaction with your tenants and attention to their concerns will show them that you want to take care of them and they in turn will take care of your property.

  • managing-maintaining-rental-property2Do invest in property maintenance

If you fail to address necessary maintenance on your property, it will come back to haunt you in the future. When it comes time to sell, you’ll be dealing with an un-renovated property which is going to burn a hole in your wallet.

The “Don’ts”:

  • Don’t rely on condition reports

Condition reports can be misleading or downright dishonest. Nothing beats seeing the property with your own eyes. You’ll be able to spot issues and necessary repairs that may have been omitted from the report.

  • Don’t delay necessary repairs

That thing that is merely a minor problem today could become a huge issue further down the road. Every property will require regular upkeep. It’s far better financially to address repairs early on.

For more tips, check out:

Being a Landlord: Is it Worth It?

5 Things You Should Know Before Becoming a Landlord

8 Issues with Buying Property and Becoming a Landlord

3 Inexpensive Home Staging Tips

If you’re about to put your home on the market, naturally you want to do everything in your power to make it sell for the best price possible. Here are three simple and inexpensive tips that can help your home look its best.

home

1. Declutter. Prospective home buyers want to imagine themselves living in your home. They can’t do that if your personal junk is everywhere! Declutter by removing all those stacks of books and paperwork, piles of clothes, and storage boxes. Not only will your home look tidier, it will also look more spacious. Remember, on a home tour people will look in the closets, so you definitely can’t shove things in there as a shortcut to tidying up.

2. Use Natural Light. People are naturally attracted to bright, airy spaces. Open up your blinds all the way to let in some sun. If you don’t want to advertise your home’s mediocre view, use sheer panels to brighten the room without drawing attention to the view.

3. Clean! Clean your house, and then clean it again. Also make sure your yard is tidy. You want potential buyers to see that your home has been well-maintained and will literally be a clean slate for them to build a life in. Continue cleaning every week until the house sells.

Just following these three tips will definitely give you an edge in the housing market. If you want, you can supplement your efforts by adding welcoming touches like fresh flowers or seasonal décor, but those should just be icing on the cake after these three core tasks.