Owning an investment property is an excellent way to earn passive income and potentially make you financially independent. In many cases, it could be your ticket to an early retirement someday. Though it can be a great route to take, it does require a lot of work. There will inevitably come a time where you will have to invest in your property to increase the property value. As costly as you may expect this to be, it does not always have to be that way. There are some excellent and affordable ways to preserve the quality of your time.
- Flush hot water heater
Sediment can build up at the bottom of the hot water heater and can cause some inconvenient and expensive problems. Hot water may take longer to heat up and energy bill can spike as a result. Also, the sediment can cause the lining in the water tank to rust which can lead to the tank to leak or burst.
- Have HVAC serviced yearly
Have an HVAC technician service your unit twice a year. This way you can stop problems before they occur. Regular inspections could help extend the life of your unit. An optimized system uses less energy and helps save on your power bill. Keeping the ductworks, coils and fan motor clean will also contribute to better air quality and reduces the exposure to indoor allergies.
- Caulk Windows and Doors
This is an easy and extremely inexpensive DIY tip to insulate problem areas within the home. When heat or cooling is pouring out of these cracks, it is just going to raise utility bills and lower property value. This process will not take long and will surely enhance your property. Just make sure that when buying caulk, you get the best one for your application. For example, if you are using it for windows and doors, use caulk specifically for that purpose.
- Fresh Paint
Visuals are vital to a home's quality, and the cool part is that you do not have to hire a professional painter to get this job done. Giving your home a new fresh coat of paint can make a dramatic difference in its aesthetical appeal. It not only increases value, but it will also attract more potential tenants to want to live there. The most you will have to do is buy paint, tape, rolls, and a paint pan.
- Clean Out the Gutters and Downspouts
This might not be something you would “like” to do, but it will help keep water away from your foundation. It is also free when you do it yourself. Water around your foundation long term can cause severe damage, which could cost you thousands in repairs. Cleaning out your gutters and downspouts will prevent clogs from occurring or other detrimental issues that could decrease your property value. As a rule of thumb, clean it out every fall, or perhaps twice a year for more assurance.
As a property owner, you want to maximize your streamlined income as much as possible, and that means upgrades, improvements, and incorporating preventative measures. Though owning an income property may sound expensive on the front end, remember, it is all an investment in your property’s value, and it minimizes future unplanned expenses. There are plenty of things you can do yourself that will save you tons of money in the long run. By implementing these useful DIY tips, you will significantly promote optimal property advancements without breaking the bank in the process.