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Most of us know who are / what is the 1% of the American public….those who control most of the money in our country: the multi-millionaires and billionaires.
I’m not talking about those folks. I’m talking about those of us who own, in smaller quantities, real estate.
The one thing that I am pretty sure of, and I tell my clients this, is to allow for 1% of the market value of the property to be spent annually: first on maintenance; second on improvements.
Now, you may not have to spend that amount every year, but you need to keep this in your head. Some years…nada, nothing, zip. Other years…yikes! A lot more than 1%!
Here are some examples of maintenance that I use myself. Note to self: maintenance does not mean upgrades.
-roof (get it checked annually) You have the ability to make a roof last a lot longer if you choose to do the maintenance, otherwise you pay through the nose when you find it raining inside your property.
-painting and/or patching the interior & exterior (can prevent dry rot), besides you improve your standing with the neighbors.
-caulking inside and outside (can prevent dry rot).
-getting an annual check on furnaces, sump pumps, water heaters, toilets, tubs, showers, interior and exterior drain clearing/cleaning.
-yard work (getting rid of dead stuff, trim trees & bushes annually, cut away the stuff that rubs against the building).
This list is simple. You may add more…if so, yay! Send me your own ideas about regular maintenance. We can wipe out ignorance- it’s not bliss, it’s trouble.
The 1% you may be spending may save you tons of $$$ in the long run, and may make you much more $$$ than you spent over the long run, plus save you lots of time, when you go to sell/exchange the property.
Hey, maybe you’ll end up being part of the ‘other’ 1% group.
But if that happens, please don’t forget about the rest of us out here, doing the best we can!
Alameda Real Estate this Week
Alameda Real Estate Awards this week
NONE! I’m taking 5 weeks worth of writing webinars during the broker tour on Tues. These webinars make me happy, but I’m also sad that I don’t get out and see the properties. The rest of the days are filled with meetings, other webinars (mostly legal), phone calls, texts, and emails!
I’ve been getting quite few calls this week about potential real estate transactions. If you have questions about buying or selling and the process, call me. I’ll give you some info about what either involves. You have questions…I may have some of the answers. If I don’t have the answers, I’ll try to find them out from reliable sources! Also tap into my database (not my memory) about vendors! I’m a 1 stop shop,i.e your Personal Angie’s List (mostly)…
Stay dry, be well, smile even though you may not want to… everybody looks good with a smile!