How to Simply Add Value to Your Investment Property
How to simply add value to your investment property
When prospective tenants visits a property, the first thing they see is the exterior also commonly referred to as the homes curb appeal. In a competitive rental market the first impression is lasting on that perspective tenants mind. It pays dividends to invest a little into improving your curb appeal.
Here are my top five inexpensive solutions for improving your curb appeal:
1. Pressure wash the driveway and sidewalk(s)
If the driveway and or sidewalks have not been pressured washed in the last 2 years, generally here in Florida we will see a build-up of dirt, mildew and grime. Please review these before after photos below on properties we manage. Once the pressure washing was completed, I had a 60% increase in prospective tenants – this helped reduce vacancy time!
2. Trim overgrown shrubs and bushes
Overgrown shrubs and bushes can be a distraction and also if branches are touching the home create an entry path of unwanted pests or insects. You will want to ensure they are properly trimmed and or discarded.
3. Add new mulch
It is surprising how much this can be overlooked, however the difference it can make is amazing. Most home improvement stores will sell bags of mulch for only a couple of dollars each; placing new mulch will make your lawn POP!
4. Mow and trim
If the home has an unkempt or overgrown lawn with weeds, potential prospects might just drive by and not even bother coming to view the home.
5. Add a few plants
If the front of the home has flowering beds that are bare, consider adding a few hearty plants. You will spend little money at the local plant nursery that will give that curb appeal that finishing touch.
The wonderful thing about these curb appeal improvements is that an owner can coordinate directly with the property manager to get items completed. Most of the time this type of work is very affordable and when hiring someone to complete it, your property manager can ensure you have proper records since these improvements could be tax-deductible. Please remember to consult your professional tax advisor regarding your specific situation.
At Florida West Coast Property Management, we look forward to delivering value to our owners!