If you are intending to sell your property, and want to get the most out of it, doing a little bit of renovation can go a long way. But before you go out and spend hard earned cash for that upgraded bathroom or new kitchen take a look at what those improvements would do to the bottom line. Look at costs for the renovations vs. what you would actually get out of them.
It is also becoming more prevalent, in these economic times, for owners to do as much of the renovations on their own. This DIY mentality can save money, but really only if you know what you are doing. But if you are blessed with a green hammer thumb then you could save a considerable sum while increasing your property value at the same time.
Another wise move is to take a good look at property you are thinking of investing in, particularly if it is in foreclosure. People who get behind on mortgages enough for that to happen may not have the funds to maintain their properties. You may get the building at a bargain but it may need a considerable amount of work.
The economy has been in distress since 2008 so it is not surprising that more and more owners/landlords are picking up the hammers. In the past they would have been more likely to call a contractor. These days if you want to be a landlord, it means learning the basics of maintenance to save money. And, to attract decent tenants, and to stay legal, the properties must be maintained.