Success as a rental homeowner demands good, forward-thinking planning. Single-family El Segundo rental homes are an excellent investment but must be carefully managed to stay profitable and keep property values high. This careful management entails keeping long-term tenants happy and rental rates competitive.
Regular improvements do a lot for property owners, keeping their rents competitive and tenants satisfied. But not all improvements will yield the best ROI. When property owners are informed as to which upgrades provide the highest value increase for the cost, they will be better equipped to plan for long-term success.
Remember that just because the upgrades are the most expensive, it does not mean that they provide 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.
To illustrate, replacing a garage door offers an instant and substantial boost in curb appeal. A quality garage door can immediately refresh an aging exterior, as well as spare the property owner from many years of technical problems and break downs. For the tenant that uses their garage door frequently, this would reassure them that close attention is given to how the home looks and functions. It would reveal to them that the property owner cares for the quality of life of their tenants.
Kitchen remodels, big or small, is also a priority in the list of recommended upgrades. One of the bigger reasons tenants choose a rental home over another is the quality of their kitchen. A lot of people choose to gather in the kitchen. They end up spending so much time with friends and family there. A kitchen upgrade doesn’t mean everything needs to be replaced. The simple act of replacing appliances as they become worn or resurfacing cabinets can do wonders toward keeping the kitchen up-to-date and the tenants satisfied.
Clean and updated bathrooms are also something that has measurable results. And you can do it even without expensive fixtures or features. Even a simplistic bathroom can add a lot of value that would help keep tenants in the rental home for many years. Missing tiles, failing grout or caulk lines, and outdated cabinets ought to be changed in order to keep everything looking updated and polished.
Being informed about which upgrades bring the highest return for the cost is a vital part of keeping a rental home competitive, rental rates high, and tenants happy. On top of that, the best method to reach success is to have careful planning that integrates regular property improvements.
At Real Property Management California Coast, we provide comprehensive property evaluations that can guide property owners in creating their plans, and make upgrades an easy part of property management. We also conduct market assessments for each El Segundo rental home and give custom recommendations. These are a few ways we help keep every property competitive and renting for the highest amount possible. If you want to know more, don’t hesitate to contact us online or call us at 310-535-2150.
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.