Property investors know the value of maximizing the value and cash flow of their investment. There are many easy ways to improve the value of an investment property, and they can have moderate cash flow increases. For some properties, there is value in making significant upgrades to greatly improve cash flow.
Simple vs Major Upgrades to Investment Properties
Simple upgrades to an investment property can improve the cash flow in a few ways. One way is that there is more value for the tenant of the property. Therefore, the owner can charge a higher rent or lease. Another way is that many upgrades improve the curb appeal of the property, and also the functional appeal. This greater appeal creates higher demand, and higher demand leads to higher rents.
Major upgrades to an investment property can also improve the cash flow in a some ways, however, they are different than simple upgrades. One way a major upgrade improves cash flow is that the property simply has more rentable space, and more space means higher rent. Additions or renovations are also all new materials, which is more valuable to a renter than older, worn out paint, appliances, tile and grout, floors, and other features.
When to Hire a Land Surveyor for Investment Property
Now that we’ve covered the types of upgrades that can earn more cash flow for an investment property, when would it be necessary to hire a land surveyor?
A land surveyor is necessary when any part of the property will expand toward the property line, have major landscaping that will approach the property line, include rerouting drainage, when there are builds that are dependent on the topography of the property, or even if the property owner is curious where the actual property line is. According to Travis Williams of Charlotte Surveyor Group, a company that is a land surveyor in Charlotte, property surveys are typically required by local zoning and permitting offices. Those government offices need to ensure that the proposed build meets current zoning requirements by ensuring the build is within the property lines, considers the easements, and even the ratio of the new building size to the property size.
Travis also explains that it is not just zoning and permitting offices that need the property survey when doing a major build on your property. An architect will also utilize the property line survey as the basis of their design to ensure the footprint of the building is within the easements specified by your local zoning. Additionally, the topographical survey will show the architect the grading of the property and any significant natural or man made features in the land. The general contractor will need a construction layout survey and construction staking so that they know the locations of the primary features to build.
Travis says that Charlotte Surveyor Group works with investors, as well as homeowners and developers, to provide accurate land surveys.
Conclusion of Hiring a Land Surveyor
There are many types of projects that an investor can embark on to improve the value of their property and cash flow. Many simple projects are easy ways to earn a quick increase in cash flow. However, more ambitious improvements typically require the involvement of a land surveyor. Hiring the right land surveyor, like Charlotte Surveyor Group, in your city will help get you started.