What happens when you purchase investment property that needs some rehab work? What are some things you should look at outside of your investment property that will enhance your curb appeal? How do you go about getting the work done? I asked myself these questions when I purchased a building that needed rehab work a few years ago.
I thought I received a great deal at the time, but there was work that needed to be done to ensure the property was ready for tenants to move in.
I did not look at that when I purchased the property initially, but I soon realized I had to fix it up before renting it.
Below is part 1 of a 2-part series on things you can focus on when rehabbing your investment property outside.
#1- Brick or Frame? The property I purchased was a frame house, so having siding installed gave it a whole new look and increased my chances of a higher property value when trying to resale the property.
I recommend going for a lighter color to brighten up the place.
If the property is brick, touch it up with tuck-pointing and repainting of the trim around the brick.
#2- Foundation leaks I had a contractor check the foundation of the building because of a mildew smell in the basement and standing water.
We discovered there were cracks in the basement walls where water was leaking in from the outside.
I had to have the cracks sealed to ensure I would not have problems with water leaking in anymore.
#3-Landscaping When you first look at a house, your eyes are fixed on the size, location and curb appeal.
It is important to ensure that your landscaping reflects great care and maintenance of your property.
I would recommend going for something low maintenance like grass of course, and perennials that grow back each year to beautiful sizes with very little maintenance.
Potted flowers at your entrance add appeal, in addition to a well groomed back lawn.
You can get discounted flowers by visiting your local farmers market.
I opted to build my own patio by carving out a 4x6 area and used bricks and sand, which turned out extremely well.
My bricks were free because I stopped by a construction site where demolition was going on.
I asked if I could have some and was allowed to take as many as I needed.
What a great way to save cash right? #4-Lighting Any property should have adequate lighting in the front, back and side of the property.
I ensured there was a porch light in the front, side and back of the property.
I also had a motion light installed by the garage.
My lights in the halls and outside were set on a timer so I could control the timing they came on and off, which helped with cost savings.
Read part 2 of this article for additional tips on rehabbing the outside of your investment property, obtaining work permits and finding contractors.