Are you keeping your investment property renovations in order? When aiming to rent out your investment property, it is important to meet the popular trends and demands in the market together with simple tasks you can perform to ensure that your property is set to be rented.
Local Property Analysis
To really understand what investment property renovations you should put into your home, you should do a proper analysis on how the competition is performing. To do this, you can participate in home open house showings in the area to find the present offerings of the housing market. While doing so, it will also be wise to give close attention to what people are saying as it can provide important market insight as to the desires and lifestyles of the people that reside in the area. Also, if you were managing a property that was nearby shopping, freeway access, or a local “hot spot,” for example, it might be important that you take note of the types of people that might wish to stay in your home.
If you don’t follow the correct steps to set up the right house for the right market in Mountain House, it can take longer to find residents, or the residents might not stay as long, leading to a higher turnover rate. Take the proper steps in doing your investment property renovations by ensuring that your renters are getting what they need.
Fulfill the Needs of Your Target Market
A property investor in Mountain House took notice after a rental property took longer than average to rent. After more analysis, they realized that the property they were renting out was in an area that is commuter or eco-friendly since it was near a major public transportation hub. The prospective renters that were viewing the property investor’s home had interest in the property; however, after finding out that the access to the hub was closed off by a high fence with no gated access, they decided to walk away without any further interest in the property. Had the owner kept the gate access that was allowed by both the city and hub, they may have had a good chance of renting. Adding solar panels and alternate charging stations may have been a bonus as well.
Now in comes the part where you need to reflect on the market and what investment property renovations you need to make. Usually, a family with pets will look for a fenced yard. Elderly individuals might want more of a low maintenance garden, extra storage space, and bedrooms with ease of access.
Meeting the Housing Standard
Sometimes, it would be fitting to just apply a fresh coat of paint or add new carpeting in your investment property. The standard of rental renovations is to constantly adjust to the growing demand in the market based on what renters in the area are looking for in a home. Adding appliances or a new coat of paint could be vital 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 upset if they are using outdated appliances (including a fridge, microwave, or oven), and those bad 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 choose to provide landscape, basic cable, or internet services.
In Conclusion
By understanding the demands of the local market, you can do the right adjustments without going on a complete overhaul to fix up the whole property. The key to making investment property renovations is to do what is required of the market and making sure you are meeting the proper demand in your area.
Would you like a free assessment of your rental property or would you like to learn more about Real Property Management One? Contact us online or call us at 925-794-8339 today!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
