Whether you are an investor in Raleigh NC or you just own your own home you may be wondering what is the best way to use your tax return. A great way to re-invest that money is to put it into the real estate you currently own. In our latest post, you’ll learn about improvements you can make to add value to your Raleigh investment properties.
Most Americans waste their money on expensive doo-dads. New cars, big screen televisions, are all items that lose their value right after they are purchased. I remember a saying from Rich Dad: “People take their cash and turn it into trash.”
What if you took that tax return and used it to create value in your real estate? Adding value to your property will only benefit you over time. Keep reading to learn about some of the best ways to use your tax return to add value to your Raleigh investment property.
Efficiency By Upkeep
There is another old saying attributed to Ben Franklin: “A penny saved is a penny earned.” As a company that buys houses for cash one of the first things we look at when buying a house is the HVAC system. This is one of the most expensive items to replace. Take the opportunity to have your HVAC system serviced to prevent an expensive breakdown in the future.
Take a hard look at your roof and gutter system. This is another area for small leaks to get in and create wood rot, which is VERY expensive to fix. See about getting your gutters cleaned out, or even some gutter guards put in so you don’t have to spend so much time cleaning pine-straw out of your gutters.
It’s amazing what a fresh coat of paint will do. It can brighten your rooms and bring a new feel ino your home. Take a look at the exterior of your home as well. Do you have masonite or wood siding on your home? A fresh coat of paint will extend the life of many types of siding by fighting water intrusion. Consider having the exterior of your home painted. It will make it really stand out!
As a renovator of properties, or “house flippers” if you will, we always take a hard look at the kitchen. This room provides the most opportunity to create value in a home. Is there an opportunity to upgrade your countertops or add a backsplash? You can even repaint old cabinets to brighten up the kitchen. Replacing the hardware (pulls & knobs) with some brushed-nickel hardware is another great way to make the kitchen shine like new.
Flooring is another great way to transform the look and feel of a home. Generally speaking, I really love hardwood flooring. They add a lot of character to a home. And they are very durable. However, there are other more cost-effective options available. Do some research on CVT (Commercial Vinyl Tile), life-proof flooring, and tile. I would recommend avoiding laminate flooring as it is quickly falling out of favor. Even if you don’t do the whole house, upgrading the floors in a room or two will definitely add appeal to your property. Whether you choose to go with tile, laminate, carpet, or wood, adding new floors to a portion of your home can dramatically change the way it is seen by potential buyers and renters.
A few small changes to your front yard can make a huge difference in the way your property is seen by prospective buyers or renters. A few easy things you can replace include the front door, mailbox, porch light, and house numbers. Updating your landscaping with new flower beds or trees isn’t a bad idea either and can be done for a relatively low cost.