18 Oct Rental Property Renovations
Rental Property Renovations
Whether you own a single-family home, condo, or an apartment building, maximizing your rental income is key. While having a good ongoing maintenance plan in place is great. It won’t necessarily get you the best rental rate when competing against other San Diego rentals on the market. So, before you do the typical make rent ready tasks all rental property owners do when a tenant moves out. Put some thought into rental property upgrades. For many landlords, the standard move out tasks are cleaning, painting, and fixing what ever needs to be fixed. However, only doing the minimum usually leads to minimal returns in terms of both money and tenant occupancy. With that said, when dealing with a rental property there are three goals every rental property owner should be looking to grow. One, maximize the rent. Two, minimize operating expenses. And, three increase the resale value of the rental property. In order to do so, you will need to invest in some rental property renovations.
Wondering if you Should Invest in Renovations?
Whether you are aiming for higher rent, lower vacancy, or both, if your property looks rough it will be hard to do. While there are some variables that have an impact on how much rent you can charge such as, the age of the rental property, and the location that are out of your control. There are variables you can control, such as the appeal of your rental property, and your surrounding competition. But the only way to do that is through rental property renovations.
Should You Invest in Rental Property Upgrades?
If you are sitting on the fence about making certain upgrades to your rental property, consider these questions:
- Could your rental property produce more income if modernized?
- Does your rental property lack the curb appeal it needs to attract quality tenants?
- Is your rental property in need of minor cosmetic or does it need major repairs?
Best Improvements for a Rental Property
Through rental property renovations, you will have a much higher return on your investment. However, rental property renovations have to be cost-effective. For this reason, it is important to understand which renovations will increase the value of your rental property and bring you higher rents. With this in mind, we offer some insight on what good tenants are looking for.
What Good Tenants are Looking for
Finding the right kind of tenant means you will have to make sure your rental property does not look run down and in need of repairs or improvements. So, for those seeking to increase the value of a rental property in order to attract the right tenants, and keep them happy while also charging the maximum competitive rental rate. With this in mind, here is a list of the features that good tenants are looking for:
- Open Floor Plans
- Updated Appliances
- Parking Availability
- Outdoor Living Spaces
- Laundry, In Unit
- Closet Space
- Natural Light
- Large Windows
- Central Air
When In Doubt
If you have questions about renovations or need help with remodeling a kitchen or bathroom, please contact us. We offer a wide variety of maintenance, remodeling, refurbishment, and landscaping services that will keep your property in optimum condition. We take care of all types of residential rental properties including homes, condos, multiplexes such as duplex and triplexes, and even small apartment buildings. Let us manage your rental properties, so you can enjoy your life! Call us today at (858) 576-2176. We will save you time, money, and the stress that comes along with managing your own rentals.