When buying investment property, do you know which repairs can be overlooked? What can you fix on your own? And what can be overlooked altogether? No matter what, you’ll need to maintain a safe and livable environment for your tenants to promote tenant retention and reduced vacancy. In our latest post, learn about the repairs you should overlook as well as the ones you shouldn’t.
As a Milwaukee real estate investor, it is important to know what to look for when buying an investment property. Which properties pose to produce the most profit? Which will cost the most to repair? Which repairs can be overlooked? When creating your cost analysis, be sure to take note of which repairs can be overlooked, or postponed until a later date.
True, having an ugly building won’t attract many potential tenants. However, cosmetic repairs are the ones that don’t have to be done upfront, and they can be overlook for some time. Ugly paint, dated decor, old paint or ugly exterior can be fixed over the course of a weekend and with just a bit of invested time and resources.
This falls under the cosmetic category, but we have seen people turn away from homes again and again because something is outdated. Maybe it is the window treatments, or the mirrored wall, or the tacky wallpaper, but whatever it is can usually be changed at a relatively low cost. Styles change, but as long as the structure of the home is in good shape, everything else can be modified and overlooked.
Some Cleanliness Issues
If a house is completely dirty and wrecked, people should stay clear from it. However, if everything the house needs is a bit of cleaning, you could give it a chance. Dirty ground and dusty walls probably make you think that the house is filthy, but that isn’t always the case.
Of course, you should’t buy a completely dirty house. There is always something else on the market. If you found the house to be on the verge of disgusting, you should move on. If the house is extremely dirty, it probably wasn’t well maintained as well. Not to mention the high chance of pest infestation!
Loose fixtures can give the impression that things are old and worn out. But always keep in mind that a wobbly railing can always be tightened as can a loose sink knob or cabinet handle.
Some Heating and Air Issues
Replacing heating units and air conditioning tends to be rather expensive. However, most of these malfunctions tend to be cheap and small repairs. If the HVAC units aren’t working, before giving up on the house, be sure to know what is the problem exactly.
Old cabinets can be refinished or repainted rather easily. Adding new fixtures to the cabinets including knobs, handles, and hinges can give old cabinets an entirely new look. As long as the cabinets are functioning and good shape, everything else can be taken care of. And if you still aren’t fond of them, they are always something that can be replaced down the road.
When buying investment property, never overlook structural issues, a bad roof, drainage problems, or a sinking foundation. These types of repairs can be incredibly costly to fix and may end up costing you much more than you had anticipated.