Have you been keeping your investment property renovations in line? When aiming to get renters for your investment property, it is important to realize the popular trends and demands in the market alongside simple tasks you can perform to ensure that your property is ready for tenants.
Local Property Analysis
To properly understand the investment property renovations you should perform on your home, you should do a formal analysis of how competing properties are doing. To do this, you could join home open house showings to find the current offerings of the local housing market. While doing this, it would also be wise to pay good attention to what people are saying as it can offer key market insight as to the desires and lifestyles of the people that live in the area. Also, if you were managing a property nearby shopping, freeway access, or a local “hot spot,” for example, it is vital that you take note of the types of individuals that hope to live in your home.
If you don’t follow the right steps to prepare the right house for the right market in Glendale, it may take longer to find renters, or the renters might not stay as long, resulting in an increased turnover rate. Take the proper steps in attending to your investment property renovations by ensuring that your renters get what they need.
Fulfill the Needs of Your Target Market
A property investor in Glendale took notice when a rental property took longer than average to rent. After further study, they realized that the home they were renting out was set in a commuter or eco-friendly area as it was near a major public transportation hub. The potential renters that were viewing the property investor’s home were attracted to the property; however, after learning that the access to the hub was closed off by a high fence with no gated access, they chose to walk away without any further interest in the property. Had the owner left the gate access that was permitted by the city and hub, he may have had a better chance of renting. Adding solar panels and alternate charging stations may have been a benefit as well.
Now in comes the part where you need to think about the market and what investment property renovations you need to add. Usually, families with pets look for a fenced yard. Elderly individuals might appreciate more of a low maintenance garden, extra storage space, and bedrooms with ease of access.
Meeting the Housing Standard
Occasionally, it would be fitting to simply apply a fresh coat of paint or put in new carpeting in your investment property. The standard of rental renovations is to constantly adapt to the growing demand in the market based on what people look for in a home in the area. Adding appliances or a new coat of paint can be important in increasing the value of the rent and/or allowing your property to be occupied longer. A house that is not well maintained or updated could lead to damages or wear. Residents can also be unhappy if they are using out-of-date appliances (including a fridge, microwave, or oven), and those negative feelings could reflect on the property itself.
You can also adjust based on what the housing market is. For example, if your property has four bedrooms and one bathroom while the demand in the area is for three bedrooms and two bathrooms, you could decide to offer landscape, basic cable, or internet services.
By understanding local market demands, you can make the proper adjustments without going on a complete overhaul to renovate the whole property. The key to making investment property renovations is to do what is essential in the market and ensuring you are meeting the proper demand in your area.
Would you like a free assessment of your rental property from Real Property Management East San Gabriel Valley? Contact us online or call us at 626-600-2884 today!
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