Well, maybe not zombies exactly, but there are some strange things that can affect the value of your rental property. Most of them you can fix; some you can’t, but knowing what to look for can help prevent property zombies from sucking the profit from your rentals.
Location, location… Yeah, I know, but it’s true. Not only do you have to watch out for sketchy neighborhoods. People are also sensitive these days to high rise power lines, industrial areas, and places they feel may be dangerous to their health even in expensive residential areas.
Neighbors are not always neighborly. Party animals, bickering couples, and yappy dogs can disrupt a normally quiet area, but beware; they are not going to be problematic at two in the afternoon. Nope, they are most likely to raise a ruckus at 2 a. m. Meddling, unsupervised children can be particularly difficult. Also, look for signs of hoarding in the neighbors; before you know it, your property can be located next to a private property dump. And for goodness’ sake, check the sex offender registry. Property value near a sex offender has been known to drop as much as 12 per cent. So do your due diligence. Take a close look at the neighbors, visit the property at all hours of the day and night, and check police reports before investing.
Finally a property zombie you can fight—outdated property. Although renters can see potential in a property, they are not likely to rent hoping that you’ll get around to making improvements. Keep the colors simple and classic. Replace mix-matched appliances, and install granite or granite-wanna-be cabinet tops. Your real estate value will thank you.
Today’s trend is toward more open spaces. If your unit has an awkward floorplan, a kitchen that is isolated from the living areas, or tiny spaces, consider doing a little remodeling. Perhaps knocking out a wall will make all the difference. Just remember to get a contractor who knows what he’s doing, and be prepared for the unexpected. You never know what’s lurking in an old wall.
And finally, you can never make a second first impression, so make sure your curb appeal is all it can be. No peeling paint, unkempt plants, or unmown grass. On the inside, no holes or stains allowed. You not only want your property to look nice for your tenant, you really want it to be nice as well.
There are many factors that can affect your real estate value. Control what you can, think ahead before signing on for something you can’t, and work on increasing your property values at every turn. Here at Martin Presence we are trained and experienced at spotting property zombies. We can help you avoid the tough ones and slay the ones we can. Call us today!