How can you cost-effectively maintain older properties?

2 Prioritize safety

Safety should always be your top priority when maintaining older properties. Older properties may have outdated or unsafe features, such as asbestos, lead paint, knob-and-tube wiring, or faulty plumbing. These can pose serious health and fire hazards, and may also violate local codes and regulations. You should hire qualified contractors to remove or replace these features as soon as possible, and make sure your property meets the current standards. Investing in safety upgrades can also lower your insurance premiums and liability risks.

3 Preserve character

One of the reasons why older properties are appealing is their unique character and style. You don't want to lose that charm by over-renovating or modernizing your property. Instead, you should preserve and enhance the original features, such as hardwood floors, fireplaces, moldings, or windows. You can also use period-appropriate materials and colors to maintain the historical integrity of your property. Preserving character can also increase the value and attractiveness of your property to potential tenants or buyers.

4 Upgrade efficiency

While you want to preserve the character of your older property, you also want to make it more efficient and comfortable. Older properties may have poor insulation, ventilation, heating, cooling, or lighting systems, which can result in high energy bills and low tenant satisfaction. You can upgrade these systems with more energy-efficient options, such as LED bulbs, programmable thermostats, low-flow faucets, or solar panels. These upgrades can reduce your operating costs, improve your environmental impact, and increase your return on investment.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?