Investing your personal finances into buying a property abroad can be a lucrative and exciting proposition as a vacation home or an additional source of income should you convert it into an income producing property. The acquisition of a property overseas is not the only important part of the investment, its maintenance and care is just as crucial.
Any property can increase its value over time according to zoning changes, progress, and revitalization of the area where it’s located as well as the economy’s ups-and-downs in the country where your property is located.
However, the reasons for home value growth aren’t always external or out of our control, there are a couple of things you can work on, such as:
• Fix Things and Structures
Major home problems or defects must be taken care of first. Prioritize according to the level of difficulty, the quantity of money you need to spend, and of course, its rank of importance per se. Some examples of these might be insect infestation, missing or broken roof tiles; structural cracks in walls, and so on.
Minor or superficial defects like peeling paint or loose tiles also must be solved but don’t start with them unless you’ve taken care of the difficult items first. More often than not, majors concerns that must be addressed in your property lead to the more minor problems. With the major defects corrected, you can proceed with fixing the smaller items, which should not return as often as the cause of these issues, have been corrected.
Likewise, if you aren’t highly knowledgeable in property design and maintenance, invite an expert to inspect the property with a trained eye to notice imperfections that aren’t easy to find to the novice property investor. Also, the expert can provide you with suggestions about furniture placement and paint colors.
Top 4 things to check out: plumbing, electrical circuits, roof replacement, and infestations.
• Update Gadgets and Decorations
One of the easiest ways to give a refreshed look to your property is keeping everything clean, illuminated with good lighting, and elegant color paint on the walls. Checking the status of kitchen gadgets and other electrical appliances is essential to the upkeep of your property as well.
Items like toilets, light switches, air conditioners, and the water heater among other appliances and utility systems should be replaced after the manufacturers recommended time and even sooner depending on usage.
Also read some home improvements to do for increasing your home’s value (between $100 – $750), visit here.
• Prevent More Instead of Repairing More
Couldn’t you have done something to avoid that giant patch of mold on your roof before it was too late? Maybe you could have prevented that expensive bill for the remodeling of the bathroom floor if you had reacted as soon as you saw the first cracked ceramic tile.
See problems before they happen and be aware of the signs of deterioration.
A good alternative to not letting maintenance details go, especially if the property you bought is located abroad, is hiring a property manager just like House Hunters Panama, whose main goal is the protection your investment, making periodic inspections, and hiring the best team of professionals to solve any situation in time, before it becomes something more serious. Good property managers will treat your investment as their own.
In Panama, for instance, the humidity levels are high during part of the year, which creates the perfect environment for bacteria and mold growth. Using humidifiers in every space of the property or using natural sources such as plants can reduce humidity in your apartment and avoid big consequences later.
We recommend you read Humidity in Panama City: The Best Plants to Reduce Humidity in Your Apartment
All property owners must think about one day selling the property and the property’s resale value. Proper maintenance and care for your real estate investment will increase the chances of reselling your property at a profit should market conditions allow.
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