Whether a house is recently purchased or has been lived in for a while, the fastest way to increase its value is with a plan. Upgrades made intentionally rather than on impulse are more effective overall. Start slowly, making a list and prioritizing. Do research or talk to realtors after the plan is formulated so that the return on these improvements can be discovered. Some improvements add more to a home’s value than others.
Redo the Kitchen
Buyers of all sorts have focused on the kitchen for a long time and it still holds sway over the most recent wave of new homeowners. A new suite of appliances, a new countertop, and fresh flooring, all result in a new look that is coordinated and invigorated from its past incarnation. A fresh coat of paint on cabinets or walls, with updated hardware, also breathes new life into a kitchen.
Enliven Floor Plans
Millennials wanted an updated kitchen first and foremost; an open floor plan that featured flexible living space was only second on their list of desired features. One means of adding usable square footage is by finishing a basement. Attic conversions are also an option. It is important to remember that a basement can cost between $10,000 and about $27,000 to convert, depending on its size, while an average attic conversion cost almost twice that.
Lower Energy Costs
Saving money currently and making more when selling the house down the line is always desirable, and this is achieved by lowering the home’s energy costs. Younger buyers look for R-Values on insulation and for windows that have low-E coatings, both of which are effective efficiency measures. Water heating is also important, as it accounts for 15% of a typical home’s energy costs.
Clean Things Up
While many means of boosting a home’s value involve redoing rooms and repurposing spaces, a simple step that can be overlooked is simply making things look fresh and new through a thorough cleaning. Wash the house, its windows, its walks and driveway, and its fence if there is one. Add fresh paint where necessary. Especially if a home is going on the market, making it look clean is a relatively easy means of increasing curb appeal.
Any time you make an investment, you do so with one thing in mind: getting as much of a return on that investment as you can. While any gain is a good thing, you always want to get the most out of your investment as you can. Your rental property investment is certainly no different. While you may already be making some money on your investment, wouldn’t it be great to find a way to increase your profits? Here are some tips about how to go about maximizing your rental property income.
Be Picky About Your Tenants
Your ultimate success or failure as a rental property owner will be decided by the people who rent off of you. The burden of vetting your renters lies solely on your shoulders. It’s imperative that you run thorough background checks on every person who fills out a rental application and do your due diligence on each person who shows an interest in renting from you. Require references from past landlords, verify employment, check into employment history and be sure that you’re renting only to people who you won’t have to spend time in court battling with later on.
A successful landlord is one that always knows what’s going on with his or her property. Many landlords only bother to inspect the properties they own when tenants are moving in or moving out, which often leaves them finding the need for extreme repairs. Performing regular inspections will not only help you remedy issues before they become high-cost problems, but it will also allow you to keep tenants happy by maintaining a good place for them to live.
Minimize Tenant Turnover
Not only do you want to minimize your repair costs, but you should also be looking for ways to minimize your amount of tenant turnover. Keeping your good tenants for longer periods of time can only benefit your bottom line. Offer incentives to them for prompt rent payment and maintaining your property. It will cost you less to reward them from time to time than it will have vacant properties. Vacant properties are a direct hit to your bottom line.
Ideally, you’re already making money from your rental property, but there’s always a way to increase your profits.
About Jason Cohen Pittsburgh
Jason Cohen is a real estate investor in Pittsburgh, Pennsylvania. He created Jason Cohen Pittsburgh, a group of real estate enthusiasts committed to helping others invest in real estate, and he has thrived in the area since 2002.
As Jason’s career has grown and flourished, so has Pittsburgh itself — transforming from an industrial “rust belt” city into a major cultural center abundant with high-end multi-family rental properties. Jason has seamlessly handled the dynamic nature of Pittsburgh and of the real estate industry in general. A research-driven professional, he consistently enables smart and profitable investments in the area, helping to transform modest properties into high-end rentals in Pittsburgh’s hottest neighborhoods.
Jason Cohen first entered the world of real estate shortly after his graduation from college. He started out by investing in distressed properties in Pennsylvania. After some experience working full-time for a real estate company, he decided to pave his own path in the industry. He has worked as an independent real estate agent and developed the Jason Cohen Pittsburgh team ever since. The team consists of highly qualified investors, property managers, leasing agents, and contractors.
Over the course of his career Jason has become highly proficient in acquisitions, joint ventures and partnerships, multifamily real estate investments, asset repositioning, real estate management, real estate brokerage, and new construction. He has excelled in high-level investment strategies, but is also no stranger to “ground work” when it comes to the industry. He is well-versed in each step of Jason Cohen Pittsburgh’s unique system: researching local areas and investing in properties, performing renovations to transform these properties from dilapidated eyesores into high-end units, and ultimately repositioning the properties for maximum profit in renting and selling.
Jason Cohen Pittsburgh is the group of choice for anyone who needs advice, analysis and due diligence, and general expertise in matters of investing, whether they are short-term or long-term. Jason Cohen Pittsburgh has dealt with properties in a variety of neighborhoods throughout parts of Pittsburgh, including the South Side, Oakland, Shadyside, Squirrel Hill, Mt. Lebanon, and Regent Square. Each and every one of these locations, paired with Jason’s overall knowledge of real estate investing, has allowed him to play a part in restoring Pittsburgh’s place as one of the most popular cities in the United States.
This blog will share news, updates, and insights regarding Pittsburgh and its real estate market from the perspective of Jason Cohen Pittsburgh. Stay tuned!