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July 3rd, 2019

4 Investment Property Upgrades To Leave To The Pros

Taking on an investment property can mean lots of work ahead. Turning a diamond in the rough into, well, a diamond, isn’t always easy. Investment property upgrades require a lot of sweat, know-how, and on occasion, the intelligence to know when it’s not a DIY project. Even for a seasoned real estate investor, there are some property flip tasks that should be left to the professionals. Whether for safety reasons, code enforcement, or the sheer work scope of the project, these are the property upgrades for which you should hire a pro.

Electrical Wiring

Working with the electrical system in your investment property is extremely dangerous when you don’t have the proper training and certification. Whether the property needs to be completely rewired or you’re troubleshooting a problematic circuit, hire a licensed electrician to handle the work. A professional is prepared to obtain the necessary permits, adhere to local codes, and complete the job to pass any inspection.

Plumbing

If the plumbing problems can’t be fixed with a plunger, it’s best to call your local plumber. Attempting to remedy pipe or sewer line issues yourself may result in even more damage to the plumbing system. It’s not a bad idea to hire a plumber to perform a sewer line inspection before you invest in a property. By utilizing a high-resolution camera, the plumber can see the inner workings of a home’s plumbing system and will be able to warn you of any blockages, broken pipes, or invasive tree roots that could cost thousands to repair.

 

Refinishing Hardwood Floors

Hardwood floors are a hot commodity for home buyers. Some 87 percent of house hunters say they desire hardwood floors in a home. For the real estate investor who discovers a property with the longed-for flooring, the sale price may just take a leap forward. It’s important that the hardwood is refinished properly to restore the flooring to its original beauty. Hire a professional floor refinishing service company. Special precautions may need to be taken, especially if the hardwood has been covered by carpet or laminate. In addition, the dust that forms from the sanding may be hazardous. Hire a pro to bring the hardwood floors to life.

 

Roof Repairs

Not only does working on a roof come with the inherent danger of falling, but the job also puts the home’s integrity at risk if not done correctly. Attempting a “patch job” or quick fix yourself could lead to damaging roof leaks that will cost much more to repair than simply hiring a roofing contractor to handle the job in the first place. The average cost for a minor roof repair is only $200 to $300. Don’t jeopardize other areas of the property in attempts to save a minimal amount.

 

Some investors love the part of the career that allows them to get involved and transform a property, but there is extreme value in understanding your limits. For your own safety and the protection of the property, turn to the professionals when you need to make these four investment property upgrades.