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In addition to maximizing income, you can also increase a property's cash flow by minimizing its expenses. Planning at least a couple of years in advance for the sale of your building should give you enough time to make your property more cost efficient to operate and therefore more profitable and appealing to the next buyer.
For example, although you have to shell out some money upfront, investing in energy efficiency by insulating your property and installing modern appliances can really slash your operating costs. If you haven't evaluated your insurance for at least a couple of years, shop around to be sure that you're getting the best insurance value that you can.
Reducing the operating costs of your property increases its cash flow and, hence, its value.
- Keep Copies of the Closing and Settlement Papers
- Keep Proof of Improvements and Prior Purchases
- Stash Your Cash in a Good Money Market Fund
- Double-check the Tax Rules for Excluding Tax on Profits
- Cast a Broad Net When You Consider Your Next Home
- Remember That Renting Can Be a Fine Strategy
- Reevaluate Your Personal Finances When Things Change
