Outdoor Home Improvement With Highest ROI

Performance Property Real Estate Question

Q: We had to put our rental property on the market to sell because our tenants stopped paying and we fell behind on our mortgage payments. We have not received a purchase offer yet and we ran out of money to pay for repairs or even cut the grass. What should we do? Leonard, West Milford, NJ

A: If you don’t have the money to make any home improvements then that’s not an option. Now that you’ve decided to sell your property, it doesn’t make sense to pour a lot of extra money into improving it. However, since you do not have any purchase offers, you should consider either 1. lowering your asking price or 2. spending a few hundred dollars (if you have the money or have access to $) to improve your rental property’s curb appeal. Unlike most home renovation projects, lawn care and landscaping have on average more than 100% cost recovery which make them positive short term investments. Lowering the asking price will get the most immediate attention from buyers but lawn care service can make the difference in attracting interested, willing and able buyers so that you can sell your rental property and move on. Thanks for your question, Leonard.

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