Top 5 Improvements To Make To Your Colorado Investment Property

You just bought an Colorado investment property and are wondering about making improvements to it. So what improvements should you make to your property in order for it to be worth more to you now in rent and later in value?

Let’s start with the really important things – systems:

Top 5 Improvements To Make To Your Colorado Investment PropertyIf your property needs updates done to HVAC, electrical, plumbing, well/septic or sewer in order to bring them up to code, you have no choice, you must do them. The more important thought is that if they are replaced they will be more energy efficient and cost you less money in the long run. Plus their improvement will be a huge selling point later.

Siding, doors, windows:

Outside is another place to look. Changing siding, doors and windows will give you a huge return on investment, make the property more energy efficient, safer and keep future tenants happy. They aren’t always expensive fixes, but they are worth every penny.

Finish unfinished areas for more living space:

Attic spaces, basements, or other rooms that could be used as bedrooms, offices or bonus rooms. They mean more money in rent and more money because of the living space additions. Baths are another huge addition that add value even just new counter tops, Adding even a half bath adds about 10.5% to the value of your home, full baths twice that. If you have the space to add one, do it.

Update your kitchen:

Just doing simple updates like painting, refacing or painting cabinets, replacing flooring or changing counter tops will add a lot of value. People look for updates in kitchens, so do what you can there even just updating the counter tops. If you have a bigger budget, gut and replace. Don’t forget to update appliances too. Old ones are a problem and new ones energy efficient.

Add storage:

Any additional storage that you can provide or build into your property will add value. Closets, built in cabinetry or shelving, storage areas. It all adds up.

Updating an investment property is a good idea, one you should not ignore! If you need more personalized suggestions for upgrades to your Colorado Investment Property give Tena D. a call today! 303-452-5853

Colorado Investment Property – How to Get Good Tenants!

If you are a Colorado investment property owner who wants to lease a home to good tenants, there is a lot to consider. Real estate can be a great investment if handled right.

One of the best ways to get good tenants is to have a well tended property to rent to them. Keep your property in good repair and upgrade it when you can to higher end finishes. Tenants who move into properties that are higher end tend to keep those properties in good repair and not abuse them.

Colorado Investment Property - How to Get Good Tenants!  Another thing that you, as a landlord, need to keep in mind when looking for a tenant is there are laws in place, both Federal and State, that dictate to you what you have to do, or are prohibited from doing when finding a tenant.

The Federal Fair Housing Act states that when selling or renting a home, you may not refuse to sell or rent, refuse to negotiate for housing, make housing unavailable, deny a dwelling, set different terms, conditions or privileges for sale or rental of a dwelling, provide different housing services or facilities, falsely deny that housing is available for inspection, sale, or rental for profit, persuade owners to sell or rent (blockbusting), or deny anyone access to or membership in a facility or service (such as a multiple listing service) related to the sale or rental of housing based on race, color, national origin, religion, sex, familial status or handicap.

That means that you have to rent your home to anyone who is able to afford your rent, regardless of their race, religion or handicap.

Colorado’s laws further expand the classes that are protected to also include creed, sexual orientation, marital status and ancestry. You MUST tread carefully when dealing with these laws. As a Colorado investment property owner, you don’t want just anyone there to ruin your investment. Your best bet is to hire a Property Management Realtor to help you. They know the real estate laws and how to work within them to find you good tenants who are qualified and will treat your property like it was their own.

How The Eviction Process Works In Colorado

If you own or are considering investing in Colorado real estate, you NEED to know how the eviction process works in Colorado!

How the eviction process works in colorado

One of the least popular aspects of owning rental property is having to evict tenants. There are some pretty severe penalties if you do it incorrectly so having a strong process in place is VITAL!

That having been said, evictions are fairly simple in CO. The key is to having certain elements in place:

  • documents that are correct
  • proper notice
  • paper trail
  • great law firm

All of these elements need to be in play to accomplish a successful Colorado eviction, BUT the real answer to how to avoid evictions is vetting your tenants correctly in the first place. Just remember, even with the best tenants bad things can happen in their lives that may force you to evict them.

Timelines for CO evictions: the process, from start to finish, can be as little as 23 days as long as 35 days (time during which you are unlikely to be collecting rent).

Documentation: your lease needs to be Colorado friendly, meaning that it has had to stand up in court and that the judge not find things that were unfair to the tenant. Some example of things that can trip you up in the eviction process are aggressive fees, high late fees, partial rents accepted, among other myriad variables.

If you are not fluent in the finding and evicting of tenants (as well as all the maintenance issues that go along with owning Colorado rental properties), the best solution may be to hire a Colorado Property Management company like Denver Realty and Rentals. Because of economies of scale, a property manager SHOULD have all of these elements in place which will make owning your rentals a pleasure.

If you are not currently working with a property management company and have questions about how the eviction process works in Colorado, please give us a call today! 303-452-5853