- 1 May, 2014
- PROPERTY MANAGEMENT
Neglected rental units - the sort with peeling paint, damaged floors, and dead grass - do not attract the best prices at auction. Renters also avoid them, and investors usually find these properties can only be rented at below-market rates.
If you allow a property to “run down” over the years, the result will be a sale price many thousands of dollars lower than it should be, reflecting the cost of bringing it back to standard. On the other hand, if you set a reasonable budget for repairs and maintenance and keep your property looking good, it will attract higher rents and a better price when selling.