Investing in your property ensures you get the most from your investment. As a property owner with WILMOTH Group, our team utilizes years of industry experience to provide you with the best advice for your specific property. Max Richter, operations manager for WILMOTH Group, explains how we provide this resource to our property owners.
Watch the video or read the transcript below.
Max: Property value creation, when you talk about that, there are several different areas that you can go to, it could be cosmetically or could be mechanically or overall if you’re looking to increase the value of your property from a sales or a rental standpoint, there are many updates that you can make. These are not going to be things like adding a new furnace when there is already a furnace there. But value creation is when, say, the property does not have central air conditioning and you have a hot summer here in Indiana.
So you add additional items that could be amenities to tenants such as air conditioning, that they might be able and willing to pay a little bit more per month for rent, and therefore, when you turn around and potentially sell the property, it would also add value at that time. Another common value-add that we are seeing in a lot of our properties that is also a longevity play for a property as well is installing waterproof floors and such as luxury vinyl plank and laminate flooring solutions.
So what that does is it provides a clean, easily cleanable-looking floor that also is very presentable and also provides a long-term flooring solution for an owner. Again, it looks very nice. It looks very updated and modern, but it also is a logical solution for the longevity of the property and also provides your tenants, again, an easily cleanable floor solution rather than, say, carpet that can be stained easily. And the carpet might not last even a third of the time frame of luxury vinyl plank. Other value additions could be adding things like dishwashers, more counter space, updating bathrooms, and things of that nature. The big touchpoints for tenants, and is very similar for homebuyers, are going to be your kitchens and your bathrooms. So updating those, making sure that you have a clean place to bathe, cook, and things of that nature, are all good value-add opportunities for a homeowner that will not only benefit in the renting of a property but also the eventual sale as well.