If you’re a real estate investor or landlord in Spokane, it is absolutely critical to take steps in order to protect your investment. In some cases, repairs or renovations will be needed immediately, especially if you have tenants in your property.
If you’re uncomfortable or unable to perform certain tasks yourself, hiring a professional is a great and viable option. Keep in mind though, with a little research and some handyman skills, you may be able to take care of many repairs and updates on your own. If you do decide to get to work yourself, here are some tips to make your projects run smoother!
Planning ahead has a lot of potential to save you money in the long run. Keep a running list of all the projects you would like to tackle in your Spokane investment properties, put them in order of importance, and schedule them out accordingly. If an issue arises that takes precedence…like replacing a faulty water heater in a rental property…simply add it to, and adjust, your schedule. It’s always better to deal with problems as soon as you notice them.
Tackle One Thing At A Time
The best way to stick to your budget is to gradually complete your projects rather than trying to tackle everything at once. If you own or manage multiple Spokane properties, you’ll find it significantly more cost-effective to approach your task list in this manner instead of trying to upgrade all of your properties at the same time. If you’re only renovating one property, try to cross things off one by one instead of upgrading the entire property all at once.
Take Advantage Of Downtime
If your property is in between tenants, it’s an ideal time to complete any renovations or updates. Doing so will give you the freedom to get work done without having to worry about notifying tenants or disturbing your tenants. Even if there are no pressing issues or upgrades that need to be taken care of, use the time between tenants as an opportunity to consider updates that may increase your property’s value.
As you make updates to your Spokane property, be sure to keep energy efficiency at the top of mind. Wherever possible, replace appliances and light bulbs with energy-efficient alternatives. This will not only save you money in operating costs, but, in the case of LED light bulbs, it means you won’t have change out the bulbs as often. Weatherproofing and proper insulation are also easy, cost-effective ways to save money and energy.
Here at CIVIC, we have financing programs to suit all of your long and short term real estate investment goals. Did you know that CIVIC can fund both acquisition AND renovation costs? Give us a call today at 425-385-9014, and let us help you with your next investment strategy!
Also Check Out: Tax Benefits of Flipping a House in Spokane