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Think, plan, understand, and make good choices for the future.
As summer comes along each year, I start thinking of exterior
projects at my rental properties. Considering that I plan to own my
buildings for a long time, I am always trying to think of ways of
making them easier to maintain in the future. As much as I love the
look of traditional old materials such as wood siding, you end up
having to paint it every 5 years or so.
The easiest way to have
a low maintenance building is to buy it that way, but having the trim
wrapped in aluminum, for example, is a great way to avoid having to do
regular maintenance like painting.
As far as the inside of the
unit goes, we often talk about materials that are "tenant resistant".
You can fantasize that things are "tenant proof" but unless your unit
resembles the inside of a padded cell at an asylum, there is no such
thing. Always choose durability over beauty when replacing kitchen
cabinets, bath vanities, etc. Try to get ones made out of plywood if
you can.
Carpet is tricky. You want to get something that looks
good so you can attract quality applicants, but you also want it to
last. It can be a tough "balancing act".
In general, besides it
being my nature, I try to spend a little more and not get the cheapest
materials, paint, carpet, etc. The small additional initial investment
often means that you don't have to replace, repaint or recarpet. Do
your homework. Your investment in knowledge will pay off at least as
much as your investment in real estate.
John Kostecki
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