Many people who bought houses in the last few years (before the bubble burst) were planning on flipping or re-selling the house shortly after purchasing the property. It was like a short term investment: the house would be bought, possibly some renovation work was done, and then the house was put back on the market and usually resold quickly. There were so many home buyers out there, it was easy to buy and resell. Interest rates were good (the rates were not the lowest, but affordable), lending was easy because terms and conditions were eased, and the advent of one hundred percent (100%) financing was far too popular. Of course these days are gone and the things that put the economy in this position are now not possible, however we have some tips to help you if you are stuck with a property that did not sell when the real estate market slowed down.
You may be finding your self as a landlord. The investment property you bought and were ready to sell is now a long term investment, so you should know these tips that will help keep your house in shape and easy to rent.
Two areas of the house are very important to potential renters or eventually home buyers. When someone walks into a house there is always the first impression, but once the renter or buyer gets past that, they tend to look at the kitchen as the most important room of the house. Studies show that curb appeal and the first impression that it brings is the most important part of the initial “sale” of a property, but once past that, the kitchen and the bathroom quickly become the most important features of a house. So an important tip to any house is to fix up these two areas. If you cannot afford a new kitchen or bathroom, then the least you can do is to make these areas sparkling clean. Wash and scrub the areas, make sure things are in order, and add light if possible (meaning open blinds or put an extra source of light in the room). If possible an in-expensive alternative to renovation is to apply a fresh coat of paint. It’s a great way to make a room look new and fresh without spending a lot of money.
As mentioned before, the other very important part of getting your house in shape to rent is to work on the curb appeal. Clean up the outside of your house, fix the porch, clean the walk or driveway and make sure the front yard (if you have one) is cut. Any kind of yard maintenance will help with that first impression along with a general policing of the area for garbage or debris.
Finally, we have noted some simple things to make your investment property rentable and easy to maintain. Staying on top of any issues, keeping the house clean, and trying to do as much work as you can by yourself will not only save you money, but will get you familiar with your investment. Keep the things in mind and always ask for help if your not sure of what your doing, in the end you will save money and keep your invest going – because it could turn out to be a long term investment.
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