I believe that most real estate investors are probably more excited about the day they will sell investment property, than the day they buy it! I first wrote about this topic back in August 2007. After seeing about 500 more properties since then, I thought I would revisit my original prepping to sell list and make some additions. On the original list, I talked about items that you should fix, repair, or update yearly on your Minnesota investment property to make it easier once it comes time to sell. Below are some of the items that you must do prior to putting your property on the market:
- Clean out that basement or garage! Are you still storing the stuff from the evicted tenant from 5 years ago?
- Tune up the furnace and water heater. The mechanicals in an investment property are typically the most neglected part of the building. At least try to pretend you paid attention to them while you owned it.
- Have your leases up to date with future lease end dates.
- If you have any vacant units, fill them immediately!
- Raise the rents to make your property show better cash flow.
- Lastly, if the front steps are crumbling, fix them. This is often the first impression of the property maintenance history of your building!
While not an exhaustive list, doing these will actually help your investment property stand out from the competition. And when trying to sell your investment property, every little bit helps!