Preparing Your Property for Sale

I tell many of landlords I speak to that a well-kept property sells faster than fixer-uppers. Few buyers are inclined to take on a rental that looks rundown and in obvious need of lots of work.

If you plan to sell in the near future, now is the time to spend the money needed to ready your building for sale. If you invest in the right improvements, the payoff can be substantial.

Though dozens of projects may come to mind when you think of ways to improve your property, it makes sense to focus on those that provide the best bang for your buck in the final sales price.

• For the interior, focus on low-cost, high-return projects such as repainting, replacing worn window treatments, adding mirrors to closet doors to make rooms look more spacious, and cleaning or replacing carpets.
  
• Make any necessary repairs, such as leaky faucets or broken locks. If you find yourself inspired to start or finish larger projects, make sure it is worth the expense. Small upgrades in the bathroom and kitchen (new countertops and fixtures, for example) are often money well spent.
  
• Cost-effective improvements on the outside include painting, sprucing up entryways and adding decorative lighting. Costlier exterior upgrades, such as new roofing, windows and landscaping, may also be worth the expense if they greatly improve the appearance of the building.