FBS Rent Sense Includes Investor Tax Planning: Improve Now & Add Future Value in Spring Valley, CA
FBS Rent Sense Includes Investor Tax Planning: Improve Now & Add Future Value
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Rent Sense: Improve To Add Value
By Neil Fjellestad & Chris De Marco
FBS Property Management
Now could be a good time to improve your property in order to preserve its condition overall, enhance its rental value and/or upgrade the appraisal for generating better mortgage terms. If you are looking for additional tax write-off why not re-invest in your rental property?
Renters that rightfully want to feel value for their largest household expenditure are asking for repairs and improvements. Rental increases go down easier when improvements are apparent. Preferred renters stay longer when improvements are consistent. Items such as landscaping, exterior paint, new roofing, plumbing and electrical upgrades tend to benefit investors more than trendy renovations. Floor plan design items that delight residents and most often add value are kitchen or bathroom renovations and wall changes that create usable space and natural light.
More rental owners are taking advantage of low interest rates and better loan terms to borrow against their property equity in order to make improvements. Of course, the interest and cost of improvements are additional tax benefits as well.
Real estate investors need to remember that upgrades to property don't automatically yield an immediate increase in property value that is equal or greater to the costs of the project. Often, the benefits to your property are long-term. Savvy property owners always keep an objective eye toward the surrounding neighborhood and changing home ownership trends so they don't over-improve their real estate and/or pick the wrong improvements