Which repairs are deal-breakers and which have acted as placeholders for a wise investor like you to come along? Buyers want homes ready to move into and often lack the time, patience, or imagination to consider less than perfect houses. Homes with less curb appeal typically tend to sit longer on the market. The best part about sellers leaving more cosmetic work undone is that there is probably a discount on the home already based on the necessity for the repairs. If the home is ugly but structurally sound, you have likely found your diamond in the rough.
Even if you’re a professional in the construction industry, it is wise to have a home inspection done by a professional, providing you with a general overview of possible severe defects. You must realistically factor in the skillset you bring to the table, or you may find yourself halfway through a project and all of the way through your budget, needing to hire a professional to finish the job. Knowing which repairs are a go or a big no could mean the difference between buying a bargain or a nightmare.
When you are in the market for investment property in Fort Myers, you need to be aware of the red flags and what you can overlook. Here are five repairs to overlook when purchasing an investment property in Fort Myers.
Flooring
Flooring, though a seemingly minor detail, plays a major role in a potential tenant or buyer’s first impression of your investment property in Fort Myers. Beat-up wooden floors with scratches, mismatched or threadbare carpets, and stained linoleum can create a sense of neglect and bring down the perceived value of the entire property, even if it has good underlying structure and potential. The good news is that flooring is often a relatively inexpensive fix compared to the positive impact it can have. In many cases, scratched wooden floors can be refinished and restored to their former glory, adding warmth and character to the space. Even if the existing flooring is beyond saving, replacing it with modern, durable materials like laminate or vinyl plank flooring is a cost-effective upgrade that can significantly enhance the overall appeal and value of your investment property.
Walls or Ceilings
Outdated or peeling wallpaper can definitely be a turn-off to potential buyers who are looking for a move-in ready space. Just like with questionable paint colors or bold interior design choices, these elements can make it difficult for buyers to envision themselves in the home. They might see the outdated wallpaper as a project they’ll have to tackle right away, adding extra time and cost to their move-in process. This can be a deterrent, especially in a competitive market.
However, experienced investors know how to look beyond cosmetic issues. They understand that minor wear and tear, like cracks around windows and doors, is often inevitable due to everyday use and relatively inexpensive to fix. They can differentiate between these superficial issues and more serious problems. For instance, while minor cracks in ceilings or walls might be visually off-putting, they’re likely easy repairs compared to issues with doors or windows that are difficult to open. The latter could indicate structural problems or foundation issues, which are significantly more expensive to address. In a city like Fort Myers, where the market might be fast-paced, savvy investors know to prioritize repairs that address functionality over purely aesthetic concerns.
Kitchen or Bath Outdated
Kitchens and bathrooms are seen as the heart of a home, and outdated features can be a major turnoff for potential tenants or buyers. In today’s market, most people expect a certain level of modernity and functionality in these spaces.
For investors, outdated kitchens and bathrooms present an opportunity. By strategically renovating these spaces, you can transform a dated property into a much more attractive rental or resale. The key is to focus on improvements that enhance both aesthetics and functionality. Upgrading the cabinets, countertops, appliances, and fixtures with mid-range, neutral-toned selections will create a fresh and inviting space that appeals to a wider range of tenants or buyers. Don’t forget the importance of modern conveniences. Consider adding USB outlets near countertops to accommodate tech-savvy tenants who need to charge their devices while they cook. By making these improvements, you can significantly increase the value of your investment property and ensure it rents or sells quickly.
Landscaping
While the average buyer may see overgrown landscaping and piles of garbage and turn around before ever looking further, this is an opportunity for investors. Repairing the curb appeal and restoring the attractiveness through landscaping is another relatively low-cost fix to overlook when buying investment property in Fort Myers. Often, a trim of shrubbery and other plants close to windows on the home can brighten up the interior, which is priceless. When you are planning to repair the landscaping appeal, investors should trim trees overhanging the roof. You will want to check to ensure that there is no leaf debris in the gutters causing overspill. Among the damage this can cause is a build-up of water along the edge of the home, softening the soil and eventually leading to foundation damage.
Cracks
Don’t let cracked sidewalks and driveways deter you from that perfect investment property in Fort Myers. While unsightly and a sign of wear, these imperfections are often much more affordable to address than you might think. Modern repair techniques allow for easy restoration of minor cracks, making your property look sharp and well-maintained. Even if complete replacement is necessary, advancements in materials and construction methods have made the process less expensive and time-consuming. Don’t let these repairs become a deal-breaker – factor in the cost of potential sidewalk or driveway work when considering an investment property, and you might be surprised at how a little TLC can significantly improve your curb appeal and overall value. For a professional assessment and a smooth repair process, consider involving a reputable construction company to handle the job.
Core Real Estate Properties makes it easy! A walk-through with an experienced real estate investor from Core Real Estate Properties can help you determine which repairs to overlook when buying investment property in Fort Myers. Core Real Estate Properties has an incredible inventory of Fort Myers properties. Call Core Real Estate Properties at 239-360-3176 or send us a message today!