16 Dec 7 Ways to Maximize the Return on Your Investment Property
With the right strategies in place, investment properties are not only a great source of steady income but have the potential to bring you handsome profits down the road. Here are seven important ways you can set yourself up for success and gain the most value from your investment:
- Invest in improvements and upkeep to stay ahead of the competition.
The rental market in the Greater Washington, D.C. area is very tight; a property that shows well and has proper updates will attract more attention.
- Budget for a vacancy and/or repairs and/or improvements.
Most rentals over two years old may need a fresh paint job, locks changed and possibly new carpet at a minimum.
- Maintain property and liability insurance.
Occasionally strong storms or unexpected accidents will cause great property damage; provide yourself with peace of mind.
- Consider a Weed & Feed program for your lawn.
The lawn may be the most expensive part of your investments. Do not leave it up to tenants! Strong curb appeal is a must.
- Stay informed about your local sales and rental market.
Local news online at www.washingtonpost.com, www.dc.urbanturf.com, www.averyhess.com
- Know a good real estate lawyer.
In case it’s needed, a good real estate attorney is a must and will save time and money.
- Time is on your side.
To be successful in this business, you need to be patient. Investing in real estate is not for everybody but it can be lucrative in the long run.
Contact us for other valuable investment tips, or to learn more about how we can help you manage your property.