Making rental property renovations is important in terms of value and tenant placement. A well-maintained rental property always performs better, regardless of the market’s strength. You’ll find better tenants and earn more money.
RentSimpli is a full-service San Diego property management company specializing in single family homes, townhouses, condos, mobile homes, small commercial buildings and small apartments. We have found that there are several benefits to keeping your property upgraded and updated.
Renovated Properties and the Rental Process
A San Diego rental property that has been recently renovated will earn more rent and attract higher quality tenants. These things are good on their own, but you also have to remember the big picture: you’re reducing your vacancy and turnover costs. To rent a home quickly for the most amount of money and to the most qualified tenants, you need a well-maintained home that’s modern and appealing.
When it comes to establishing your rental value, upgrades make sense. You can earn more on a home with new flooring than on one with old carpet. You can also attract better tenants with energy-efficient, stainless appliances than you can with those outdated refrigerators and dishwashers from the 1980s.
Upgraded San Diego Rental Homes Have Higher ROI
Renovations make sense for your current rental income. They also make sense for long-term ROI. At some point in the future, you’ll want to sell your home. Whether you’re planning to do that in five years or 25 years, keeping your property up to date with design trends and finishes will drive up the ultimate sales price of your home. That’s going to help you earn more.
We’ve found that both renters and buyers appreciate upgrades in kitchens and bathrooms especially. If you’re willing to make an investment now, you’ll earn far more on your property in both the short and long term.
Choose Cost-effective Upgrades
We think renovations and improvements are important, but that doesn’t mean you have to tear down the house and start from scratch. Investing $50,000 for an extra $5,000 in value doesn’t make much sense. Be smart when you’re renovating your property. Choose upgrades and updates that don’t cost a lot but will reap a lot of rewards.
For example, replacing your tired old carpets with some sort of hard flooring won’t cost a lot of money and it will earn you major returns. Tenants will appreciate hard floor surfaces because they’re easier to clean and maintain. You won’t have to spend money steam cleaning carpets every time a new tenant moves in, and the overall cost is well worth the gains.
Fresh paint, updated lighting, and better landscaping are all inexpensive ways to upgrade your home and earn more money. Even small fixtures like ceiling fans, drawer pulls, and cabinets can make a big difference in how prospective tenants see your home.
Renovations Contribute to Preventative Maintenance
Preventative maintenance needs to be a big part of your plans for protecting the condition of your home. You don’t want to let small problems turn into expensive repairs. When you’re constantly looking for ways to improve your rental property, preventative maintenance will come naturally. You’ll notice what needs to be fixed and plan for future repairs so there are fewer emergencies and surprise costs.
We can help you upgrade your property responsively and cost-efficiently. Contact us at RentSimpli for all your San Diego property management needs. RentSimpli is a full-service property management company serving landlords, investors and property owners in San Diego & Riverside Counties, including La Mesa, El Cajon, Chula Vista, Santee, Rancho Bernardo, Escondido, Fallbrook, Temecula, and Murrieta.