Chattanooga market for property investment is still good
The Chattanooga market for property investment is still good in spite of what the real estate nay sayers are telling us. This year one of my investors made over $100,000 on two properties. Though many of the North Chattanooga properties are pricey there are still some diamonds in the rough. The Hixson area also offers some excellent opportunities. Soddy Daisy will present some excellent opportunities. Bargains can be picked up in the Brainerd area. Real estate investments are still a great way to build wealth in the Chattanooga area.
The key in making a profit in investment properties is to buy the right property at the right price and don’t over spend for the neighborhood. It is not difficult to flip properties if you follow this simple rule. The goal is to attract good buyers or tenants. To do that your properties should remain in good shape. There are some basic improvements that can cost a lot of money but go a long way in improvement. New carpet and paint will pay off. Here are ten suggestions for improving investment properties in the Chattanooga area that don’t cost thousands but make a big impact.
1- Electrical switch plates, a much overlooked item.
This is such a minor, yet overlooked improvement. Don’t just paint over them! You can replace the entire house with new switch plates for about $20. For greater impact use some of the nicer ones made of brushed nickel, brass or other decorative theme.
2- Get those ugly doors out of the house.
There are many new improved doors on the market that will not break your budget. If you have ugly brown doors, replace them with nice white doors (you can paint them, but unless you have a spray gun it will take you three coats by hand). The basic hollow-core door is about $20. It comes pre-primed and pre-hung. For about $10 more, you can buy stylish six-panel doors. If you are doing a rehab, the extra $10 per door is well worth-it.
3- New hardware for door & new handles make a great impression.
In addition to changing doors, consider changing the handles. For about $10, you can replace them with new brass or brushed nickel finished handles. Also consider using the fancy “S” handles which are easier for people with arthritis. What ever you use make them match through out the house.
4- A new front door gives great instant curb appeal.
The saying goes that you only get one chance to make a first impression. If the door is nice with great features, paint it with a bold color using a high gloss paint. If it has no stand out features and is old, replace it. It will be the best $100 -200 you can spend.
5- Consider replacing the trim.
Or at the very least paint it even if the walls don’t need paint. If the trim is worn, cracked, or just ugly, replace it. Foam trim that is pre-painted cost very little and creates a great impression.
One mistake some investors make is doing renovations themselves when they don’t have the skills. A poorly painted room makes a negative impact. Tile improperly laid will cost more in the long run. It’s better to have a pro do the repairs. Fooling with electricity without a professional’s help is a definite no no!! In the Chattanooga market there are skilled workmen who will not brake your bank. Check around and get prices. More tips in the next blog. If you have any comments or questions email me, Martin Klinghard, at chattanoogahomes@hotmail.com
