So you finally got the property of your dreams. Now, you may wonder what to do with it. After all, there are so many options when it comes to property development investment. What you do with your property can determine how long you want to keep it and the potential profit you may make. Even if you don’t plan on selling the property, by investing in the right features, you build equity. As a result, you can have a solid property investment portfolio. There are some steps you should take when it comes to successful property development investment in your first property.
Get a Professional Appraisal
The first step in your property development investment is understanding what your property is worth. The best way to do so is to hire a professional appraiser. Many people only think of an appraiser when it’s time to sell their home. However, you can get an appraisal anytime. You may want to get an appraiser right before or after you do a renovation. Your appraiser will give you the value your home is worth in today’s market. They may also advise on some of the features driving up or down your home value. So, take their appraisal seriously and use it as a basis for such improvements.
Some people may argue that appraisers may be subjective and are not always fair. To avoid a poor house appraisal, you may want to get more than one. In other words, it’s okay to get a second opinion if you feel the first one doesn’t make sense. After all, not all appraisers remove personal bias from your decision-making.
You may want to confer with other homeowners who have gotten good appraisers. Ask them what appraisers may have recommended them to do and what seemed to raise their home value. Being as proactive as possible can help save you time and encourage good value results. Plus, a good appraisal may give you the motivation you need to keep making your property development investment updates.
Upgrade Your Lighting
Most structures have some form of electricity. Don’t think you have to be stuck with typical overhead lighting and not change it. Thanks to the expertise of electrical contractors and advancements in the industry, there are many illuminating options to use for your property development investment. One of the best updates you can make is converting over to LED lighting. With LED lighting, you have a much more energy-efficient and safe light source. These lights use 75% less of the energy required to illuminate your room than iridescent light bulbs but produce the same amount of light. In other words, you have an equally bright room, but they’re burning far less energy. As a result, your structure can play a role in reducing your carbon imprint on the environment. It can also help you save on the most expensive bill most home and business owners have, which is the energy bill.
Shop for New Doors
A door is the entryway to a house. Therefore, you want it to be inviting for your guests and provide security and protection from unwelcome ones. One of the best ways to handle your property development investment is by shopping around for new exterior and interior doors. Luckily, there are many door businesses that provide doors in a range of styles and materials. The best type of door to use for your exterior may be affected by your climate. Take, for example, hurricane-prone areas. Any place with strong storms needs a secure storm door and windows to provide protection. The storm door is usually made from metal, such as aluminum. It goes in front of your main door and it can isolate you from the wind and rain that storms produce. Therefore, it can protect your property from damage. After all, if the door opens in the middle of a large storm, the interior can get flooded and ruined.
You can have a door made from wood, glass, or metal. Custom doors may combine all three of these elements. One of the best types of doors to get are cast iron or steel ones. These doors are not only beautiful and ornate but are extremely hard to break into. Therefore, you can protect your family and belongings with a cast iron door custom-made for your home. These doors also have a Class A fire rating to protect from the spread of fire. Such quality doors also add to your insulation, as they don’t allow air to escape.
When it comes to your interior doors, you can have more leeway, since you don’t have to worry so much about protection compared to the exterior. For example, you may want rooms separated by French doors. The distinctive design of a French door is characterized by two door panels that open in the middle. Enjoy semi-privacy when you have one door panel open and another one closed at the same time.
Get Project Management Help
Focusing on property development investment doesn’t mean doing everything yourself. Matter of fact, you have access to professionals who specialize in managing such development projects. If you want to take your first property and others to high levels, invest in the services of a general contractor. A general contractor can help oversee any renovations or repairs needed. They have a surplus of subcontractors they can contact. Whether your property needs plumbing repairs, mold remediation, hardwood floor installation, or electrical services, they know exactly who to contact. They will oversee the project to ensure everything is done on time. If they have to replace someone because they’re not doing their job, they’ll handle all of that responsibility. Instead of having to meet with several contractors to renovate your property, you can simply meet the general contractor who makes all the correspondence and payments. Thanks to the presence of general contracting help, you can save your time and energy for other things in your life. Therefore, if your career isn’t in real estate, you won’t have to take time away from your main source of income or family time with someone to handle renovations and repairs for you.
Consider Renting
There’s always someone looking for a vacation home. You could take advantage of your first property development site by renting it out. With summer approaching, more people are bound to be looking for properties they can rent for a week, a month, or the entire season. Some people may even rent a home for an entire year because they’re digital nomads or in a city temporarily for an on-site job. By turning your initial development into a vacation home, you’re likely to make back a lot of the expenses you had from the initial renovation and purchase. Depending on the location of your property and how much you put into it, you may make your initial expense back quickly. When creating a home that someone wants to spend a vacation in, consider the type of comfort they’re going to look for.
You also need to consider what people look for in your general area. For example, if you want a vacation home competitive with others in Southern California or Florida, you may need to invest in a pool. However, you could create a vacation rental within your main residence. If your initial property is the home you’re living in, take advantage of basement space. More American homeowners realize the value of finishing a basement. Some use them for office space, entertainment, or workout rooms, whereas others turn an entire floor into a separate rental for AirBnB, Booking.com, or VRBO. You may already have someone’s vacation home ready and waiting for them on your lower level. Plus, using your basement level for rentals will get your feet wet with the possibility of buying an additional property to rent out in the future.
Install Heating and Cooling
A functioning HVAC system is essential for any property. Your HVAC network is responsible for heating and cooling your space. As a result, regardless of how hot or cold it is outside, your property will always be comfortable. Contacting your local air conditioning company can help ensure you and anyone else on your property stays healthy during the summer. According to the CDC, over 11,000 Americans have died from heat-related illnesses since 1979. Make sure you or anyone on your property never suffers such a fate by getting cooling professionals on hand.
Your HVAC system is also responsible for circulating air. Therefore, when it’s not working properly, the heated or cooled air will only flow in one tight area. When you have a new or serviced system, it circulates air throughout your space. That air should also be clean, as you don’t want air flowing that contains contaminants, allergens, or mold. Having this proper circulation can add to your overall air quality. If it’s a rental space, people will feel comfortable breathing, and relaxing, and won’t have respiratory issues. Preventing problems with your air circulation and ventilation helps avoid problems with humidity. A humidity problem can destroy furniture and clothing and even breed even more destructive mold.
Get Financial Protection
Home insurance is an essential financial backup in case something happens at your house. Home insurance can cover a variety of issues such as property damage due to theft or natural disasters. Some home insurance may include flooding, but some states may have that as a separate option, particularly in flood-prone areas. This type of insurance can also provide financial coverage to repair your home after fire damage. You don’t want all the work from your property development investment to become ruined by a lack of protection.
As you shop around for insurance for your new property, check the ratings from other customers. Ask customer service how long it would take to get reimbursed after making a claim. It’s also worth seeing if your home insurance can be bundled with other types of insurance. For example, if you already have life, health, or auto insurance, your insurers may also have a home insurance policy you can add on.
Start Decorating
What good is buying a property if there’s no place to sit or sleep? Once you’re secure with how the structure looks and have protection, check out some local home furniture stores. The type of furniture you buy can cater to a particular theme. You can find furniture with a contemporary or modern aesthetic. Maybe you want to create a rustic environment that reminds you of a farmhouse. You may be into Art Deco or other vintage design movements. Many Airbnb hosts decorate their vacation rentals with items they got from their travels. If they’re in different countries, they may focus on decorating places in the traditional decor of the space. The sky’s the limit when it comes to choosing the right furniture and accessories to make your property investment development shine.
Make Things Easy
The world of technology has advanced quickly. Technology is no longer restricted to watching television or tinkering with your laptop. Technology has now made it possible to have easy home automation. Most home automation can be done through smart technology. In other words, use your phone to operate just about anything in your home. Your smart app can open and close your garage and alert you that someone is on your property. Tell Alexa to turn the lights on or off. A refrigerator can remind you that you’re out of milk and to order a replacement.
Enhance Your Windows
After installing or repairing windows your work doesn’t have to stop there. It’s essential to have secure and energy-efficient windows. You can also make them look even prettier with the right enhancements. You have a range of window coverings to consider for your privacy and to control your natural light source. There are different types of blinds made from wood, fabric, or metal. Curtains come in a range of materials that can be sheer, lacey, or thick as velvet. If interested in the Mediterranean aesthetic, may want to install window shutters. Window shutters may come in designs that resemble French windows with two panels that open in the middle. These coverings can also move at the push of a button when you have an automatic one that lowers from above.
As you get involved in your property development investment this year, you have many ways to do so. Your first property can be the start of a huge real estate portfolio. You may focus on one or two houses that you put enough into to improve your personal network by building equity. When you use the tips in this article to get started, you’re likely to have beautiful and valuable property that you’ll want to live in or rent out for years to come. Have fun with your property development investment work.
