Update Investment Properties to Increase Durability and Reduce Maintenance Costs

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Investment properties can be defined as any real estate investments made with the intent to generate a return, including single-family homes, multi-unit buildings and commercial complexes. When purchasing such an asset, landlords or investors must ensure they take measures to increase durability while decreasing maintenance costs; here are a few steps they can take for this goal.

Photo by Curtis Adams:

1. Perform Your Research -

To successfully purchase investment property, it is vital that you conduct adequate research into its neighborhood and upkeep needs of properties within it. Review crime stats, inquire with neighbors and research local resources such as landscapers or security companies before making a final decision. Taking these steps can help make an informed decision and identify any issues before they become major ones.

2. Update Electrical Systems -

Many aging properties feature outdated electrical systems. This could involve wiring, outlets, switches and panel boxes which no longer comply with safety codes or are susceptible to malfunctioning - these components should be upgraded in order to reduce fire hazards and potential dangers; work with a licensed electrician who can assess your current system and suggest any necessary upgrades; additionally consider energy-saving features like LED lighting to save on utility costs.

3. Replace Plumbing Fixtures -

A key step when updating an investment property is replacing all plumbing fixtures, such as toilets, sinks, bathtubs and showers. It's crucial that these are up to code as any leaking or malfunctioning can become costly to fix; additionally replacing them ensures tenants will have access to clean and safe drinking water throughout their stay. Furthermore, low-flow fixtures could save on your monthly water bills.

4. Select Quality Flooring Materials -

When seeking to increase durability and cut maintenance costs in rental properties, investing in durable flooring materials is essential. Hardwood floors tend to be the most resilient option due to their ability to withstand wear and tear over time; however, hardwood may not always be appropriate in every room of an investment property - tile or vinyl might be better options as these last longer due to dirt build-up on carpeting which needs frequent replacement due to dirt accumulation.

5. Install Low-Maintenance Siding -

It's essential that the exterior of your investment property be updated in order to increase durability and reduce maintenance costs, with vinyl or fiber cement siding replacing existing material being an invaluable way of doing this. These materials have been designed to endure extreme weather conditions while still looking great over time without much upkeep required - it could even help retain heat, saving you on energy costs! Also consider investing in some insulated siding which could help retain heat better for greater energy savings!

6. Add Curb Appeal with Landscaping -

A great way to increase the durability and marketability of an investment property is through landscaping. This could involve adding trees, shrubs, flowers and other greenery such as ground cover plants around its foundation in order to reduce erosion and protect it against potential water damage - as well as making your property much more enticing when it comes time to sell or rent it out! With professionally maintained landscaping services on board, your property could have much higher curb appeal when selling or renting it out!

7. Insulate the Building Properly -

Inadequate insulation can lead to higher energy bills and uncomfortable living conditions. This is why it’s important to ensure that your investment property is properly insulated. Not only will this help you save money on utilities, but it will also make the home more comfortable for your tenants or potential buyers. Also, consider replacing the windows in your rental property. Old, drafty windows can add up quickly on energy bills and may not be energy-efficient or aesthetically pleasing. Also, home window replacement is an easy way to increase the value of your investment property while also making it more comfortable for tenants or buyers. Look for windows with double or triple panes and a low U-value rating, which means they provide better insulation from the outside temperatures.

8. Upgrade the Roof -

Your investment property roof should also be regularly inspected to make sure it's in good condition, and any older roofing could benefit from being upgraded with one that can withstand weather damage more easily and last longer. Metal roofs can be long-term durable and cost-effective solutions, and can even come equipped with features to reflect sunlight away from your home and help lower cooling costs in summer months. You could also look into purchasing a cool roof. Smaller, less costly updates can also make an investment property more durable and reduce maintenance costs; one such update could be to switch out door and window frames with stronger materials such as wood or vinyl frames.

By taking the time and care to improve an investment property's electrical systems, plumbing fixtures, flooring materials, siding and landscaping - not forgetting proper insulation of the building to reduce energy costs and protect from extreme temperatures - you can ensure it remains both durable and profitable over time.

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