In order to maximize your property value you need to start treating your rental properties like a business. One way to accomplish this is to standardize your finishes.
If each unit in your apartment has it's own unique paint color, then you're going to spend more money when it comes time for a turnover. You might need to spend time trying to match the existing paint. You might have a store room full of old paint cans that are difficult to match up. Instead of this chaos, why not choose a color (or a set of colors) that you use for the whole building? Then if there is a repair or turnover, your painter or handyman knows exactly what to do.
It may take more time on the front end to add this to your business plan - but once it's set then things will be more streamlined.Items you can standardize could include:
toilets - round vs elongated. standard height vs tall
light switches, outlets, plate covers - white vs ivory vs other
paint colors and sheen - have a list for bathrooms, bedrooms, kitchens, trim, ceilings
flooring options - carpet, carpet pad, vinyl, etc.
appliance brand, colors, sizes features
tile - style, color, grout colors / spacing
When the above and other items are standardized you can benefit by
not having to make decisions about these things at each repair or turnover
getting better pricing through bulk purchases
ability to reuse extra materials left over from various repairs / projects
having consistent finishes so that the property looks better and more attractive. When things are mismatched it looks like nobody cares
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Thanks to Todd Dexheimer for being a special guest on today's show. You can learn more about Todd by checking out his podcast: Pillars Of Wealth Creation. Find the show on iTunes or YouTube.
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