To be successful as an owner of a rental home, solid long-term planning is required. Single-family El Sereno rental homes are an excellent investment but must be carefully managed to stay profitable and keep property values high. Careful management would mean always considering these two important metrics: That the rental rates stay competitive and that the long-term tenants stay happy.
Regular improvements help keep rents competitive for the property owners and help keep their tenants from leaving. But not all improvements will yield the best ROI. When property owners know the different types of upgrades possible, they can determine the best upgrades that offer the highest value increase for the cost. This would aid them in planning for long-term success.
When considering the upgrades, keep in mind that price and quality do not always correlate. Just because an upgrade costs a lot, it doesn’t mean that it gives the highest returns. According to Realtor.com, inexpensive fixes and repairs are usually the best places to start. Upgrades that enhance the curb appeal of property tend to result in higher property values than upgrades on the home’s interior.
As an example, replacing a garage door offers an instant and substantial boost in curb appeal. A quality garage door can immediately update a deteriorating exterior and is not as likely to break down or be problematic over the course of many years. This is especially true for tenants who use their garage door every day. For these tenants, this comes as a reassurance that the property owner considers their quality of life. Only someone who considers that would put in that amount of care to the home’s appearance and utility.
Kitchen remodels, big or small, is also one of the first things in the list of recommended upgrades. Many tenants go for the rental home with a better kitchen; it is one of the major considerations they have when making the decision. Many people use the kitchen as a place to gather. They spend a lot of time there with friends and family. A kitchen upgrade doesn’t need to be comprehensive. Simply replacing appliances as they age or resurfacing cabinets can do a lot to keep the kitchen up-to-date and tenants happy.
Clean and updated bathrooms are also something that has measurable results. And there doesn’t have to be expensive fixtures or features. Even a simplistic bathroom in a rental home can add a lot of value and help retain tenants longterm. Consider replacing missing tiles, failing grout or caulk lines, and outdated cabinets so that it gives the appearance that things are fashionable and state-of-the-art.
Being knowledgable about which upgrades bring the highest return for the cost is a crucial element of keeping a rental home competitive, rental rates high, and tenants happy. Along with that, including regular property improvements in your plan is the best approach to gain success.
At Real Property Management East San Gabriel Valley, we provide thorough property evaluations that can be used by property owners in planning, and make upgrades an easy part of property management. We also conduct market assessments for each El Sereno rental home and give recommendations custom made for you. These are some ways we help keep every property competitive and renting for the highest amount possible. Don’t hesitate to contact us online or give us a ring at 626-600-2884 to know more.
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