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Maintaining Your New Year’s Real Estate Resolutions

Boonville Real Estate Investor Crunching Numbers to Determine his ROISuccessful investors already understand that one of the most effective ways to keep the value of your rental properties growing is to set clear annual goals. This fact holds true when it comes to property maintenance as it is for planning capital improvements or preparing to buy a new property. Regardless of where you are in your real estate investing business, outlining a set of New Year’s resolutions for your rental property can help your investing goals stay on the right track.

Smart property maintenance resolutions begin with a thorough property evaluation. A detailed assessment of your property’s condition is essential to setting your maintenance and improvement priorities for the up and coming year. The age and condition of everything, from your property’s roof, gutters, and siding, to the interior paint, carpet, and appliances, should be assessed and carefully recorded.

Even though most parts of your Boonville rental property will need regular maintenance, others may require attention every other year or even every few years. Being aware of the age and condition of each part of the property can help you space out the less frequent or more costly to-do items, and keep your property maintenance expenses consistent over time.

The minute that you have identified which elements are in urgent need of maintenance or repair and which can last a little longer, the following step is to set some goals for the upcoming year. It can be easy for property owners to get bogged down in the day-to-day details of property upkeep. By setting a goal to keep sight of the bigger picture, along with perhaps hiring a property management company such as Real Property Management Results, you can stay determined on the tasks that will be truly helpful in reaching your investing goals. By keeping a long-term outlook, you can better prioritize property maintenance and improvements, and likewise, help you avoid undesirable distractions.

One more resolution that can help guide your property maintenance decisions in the coming year is to strive hard on improving the return on your investment property. Maximizing profits does not require cutting corners or sacrificing quality. However, there are things you can do to help manage maintenance costs and charge more rent. Eliminating wasteful spending is one area that usually helps. But there are other, more proactive things you can do.

There are several other relatively minor, inexpensive upgrades that you can apply to a rental property to significantly enhance its appeal and its value in the eyes of prospective tenants. Resurfacing a worn-out countertop, adding new light fixtures, or even painting the front door can add a fresh new feel to a tired or dated rental house. Before you make any improvements, however, you’ll have to know as much as you can about the rental houses in your area. By simply conducting a market analysis, you can better understand how your rental home compares and set a more accurate rental rate.

Lastly, one of the most important resolutions you can make this year is to team up with a network of real estate professionals who can offer expert advice, information, and referrals for quality, affordable property services. Networking is one of the best ways to learn all you can about the industry’s best practices, not to mention to learn about new ways to maximize your property’s potential.

The old adage “it’s not what you know, it’s who you know” certainly applies in the field of real estate. By meeting new people and relating with others whose skills complement your own, you can more confidently design an approach to property maintenance that all but guarantees future success. Contact us or call us at 812-461-1676 for more information on how we can help you with your Boonville property management journey.

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