here are two legal ways to is hard to determine if it isn't
increase your wealth.
a rainy season. You might have to
take a garden hose to the roof to
1. Keep more of what you have be sure. Station someone in the
(e.g., tax strategies, rehab attic with a flashlight.
efficiencies, cost savings) - Get rid of any rotted wood or
2. Add value to something (e.g., termite damage, repair walls,
a real estate investment, stocks, etc.
bonds)
Those items I've listed and
Let's focus on adding value to others like it are no-brainers.
your rehab investments. But how do we really add value to
the eye? We make it pretty!
The most obvious is certainly
bring it back up to standards. We - We paint all walls and ceilings
HAVE to do the obvious things (usually bright white)
such as: - We replace flooring, or if
there is acceptable carpet or
- Ensure there are no plumbing tile, we professionally clean and
leaks and the entire plumbing restore it.
system is in good working order, - We hang mini blinds on the
including potable water and windows.
sewage/septic and water heater. - We trim trees and bushes, paint
- Ensure the electrical system is the outside make the exterior
safe and working. This may look fresh.
require an upgrade. This includes
all outlets, breakers, heat and Now, to get the sale, or to get
AC. it rented immediately we do some
- There can be no leaks in the of these things that really make
roof! Obvious, but sometimes this a difference (notice the emphasis
on kitchen and bathrooms!): Motion sensor lights are a nice
touch.
- Replace or refinish the kitchen
cabinets, sink and countertop. INTERIOR
- Replace the toilet, vanity, and
resurface or replace the tub. - Install a security system.
Sometimes the system is installed
What if we want to really make free with a year's monitoring.
OUR property stand out on the Make the first year of free
market? What if we want there to monitoring (prepaid by you) a
be NO question as to what a great selling point.
house this is in the buyer's - Install a garage door opener
mind? What if want TOP DOLLAR? - Install a used hot tub. You
Try these inexpensive upgrades! might be surprised the amount of
folks who no longer want their
EXTERIOR hot tub!
- Include a microwave.
- Put a decorative fence in - Buy new appliances. Kind of
front. Plant some shrubs along expensive, but a deal maker. Try
the front of the house with making this an incentive for a
attractive landscaping bark full price offer.
around it for color - Lay ceramic tile instead of
- Replace the front windows with vinyl.
something more attractive. - Go with snap-and-lock hardwood
- Install lighting along the flooring instead of carpet
walkway especially in a great or living
- Plant a tree room.
- Install a new mailbox - Upgrade the faucet to something
- Build a deck in the back sleek and modern. There are
- Increase the exterior lighting. hundreds to choose from. Go with
an extra large sink. the rehab fit our strategies. If
- Replace the cabinet and drawer we want to rent the property, you
hardware to something extra probably won't add as many
fancy. This can make an average upgrades. If you are looking to
kitchen POP for little extra sell, and you need to get that
cost! property noticed, you should add
- Add ceiling fans instead of as many of the upgrades as
just new overhead lighting possible within your budget,
fixtures. especially the visual upgrades.
- Add chair rail molding in the
dining and living rooms. I hope this list has got you
- Buy the attractive switch and thinking creatively about how to
outlet covers instead of the pump of the value of your next
basic contractor grade covers. project!
We, as investors, need to make
About the Author:
Bruce W. Ford is the editor of Rehab-Real-Estate.com. Get his important Special Report entitled "12 Things Real Estate Investment Gurus Won't Tell You" at http://www.Rehab-Real-Estate.com.
Source: www.isnare.com
