Basics of Property Management: Screening Potential Tenants
Building Your Own New Home? 4 Upgrades That Will Increase Its Resale Value
Jesse Obrien
When it comes to designing your own home, you've got to consider the potential resale value – even if you plan on living in your home for many years. Failing to plan for a future sale, could put you at a disadvantage should you ever put your home on the market. Now that you're designing your home, make sure it has the highest resale potential. Here are four simple steps you can take to improve your homes resale value.
Bring on the Natural Lighting
Artificial lighting is great. However, natural light is even better. While you're designing your home, make sure you include plenty of natural lighting sources. This should include large windows, as well as open spaces. Including too many walls, or out-of-the-way spaces can create a dark and dismal environment inside your new home. To increase the resale value of your home, don't skimp on the natural lighting.
Open Up the Kitchen
When it comes to your home, the kitchen is usually the most lived-in space. Think about your last family get-together. If your family is like most, they probably spent a good portion of the day in the kitchen enjoying each other's company. When designing your new home, open up the kitchen. If your family enjoys spending time in the kitchen, be sure to add plenty of places for them to sit and relax. A nice open kitchen will provide warmth to your home, and increase the resale value should you decide to put it on the market later.
Upgrade the Flooring
While you're planning the upgrades for your new home, don't forget about the floor. It might seem like your flooring would be a good place to cut costs. However, that decision could come back and haunt you later. Instead of choosing vinyl or laminate flooring, spend the extra money and upgrade to hardwood or natural stone. The upgraded flooring will last longer, and will increase the value of your home.
Extend Your Living Space
If you're focusing entirely on the inside of your home, you're missing out on valuable space. This is particularly true if your new home is going to be built on a sizable lot. Extending your design plans into the backyard will allow you to increase your usable living space – especially during the warmer months of the year. While you're designing your home, be sure to include an outdoor kitchen and a pergola. Not only will it increase your usable space, it will also provide an additional selling point when you put your home on the market.
If you're designing your new home, don't forget about the upgrades. The tips provided here will allow you to increase the value of your home.
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For the last several years, I've used a property management firm to help with my rental properties. One of the tasks that they handle for me is screening applicants who would like to move into one of my vacant units. Their expertise has helped me lower my tenant turnover and find people who want to stay with me for years. Part of the process is a tenant screening credit check. Before any further contact takes place, my manager orders credit reports from at least two agencies. That is enough to tell us if an applicant is a good financial risk. Assuming the references work out, I meet the candidate and make the final decision. If you own rental properties, let me tell you more about the benefits of having a property manager. I'm betting you'll find this type of arrangement will work for you too.