Local Property Analysis
To figure out which investment property renovations you should set out in your home, you should arrange a formal survey on how competing properties are behaving. To do this, you can engage in local home open house showings to find the current offerings of the housing market. While doing so, it would also be wise to pay close attention to what people are saying as it can provide key market insight as to the desires and lifestyles of the people that live in the area. Also, if you were managing a property that was close to shopping, freeway access or a local “hot spot” for example, it might be important that you take note of the types of individuals that might wish to live in your home
If you don’t stick to the precise steps to set up the right house for the right market in Marina del Rey, it may take more time to find renters, or the renters might not stay as long- generating a higher turnover rate. Take the proper steps in attending to 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 Marina del Rey paid attention after a rental property took a more time than usual to rent. After further analysis, they realized that the home they were renting out was in a commuter or eco-friendly area because it was near a major public transportation hub. The prospective renters that were viewing the property investor’s home were interested in the property, however, after learning 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 left the gate access that was allowed by the city and hub alike, he may have had a better chance of renting. Adding solar panels and alternate charging stations may have been a boon as well.
Yet now comes the part where you need to contemplate about the market and which investment property renovations you should do. Usually a family with animals are looking 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
Now and then, it would be proper to directly slather another layer of paint or lay down new carpet in your investment property. The standard of rental renovations is to constantly adapt to the growing demand in the market based on what people in the area are looking for in a home. Adding appliances or a new coat of paint could be important in increasing the value of the rent and/or allowing your property to be occupied longer. A house that is not properly maintained or updated could lead to damages or wear. Residents can also be unhappy if they are using outdated appliances (including a fridge, microwave, or oven), and those negative feelings could reflect on the property itself.
You can also modify relying on what the housing market is. For example, if your property has 4 bedrooms and 1 bathroom while the demand in the area is for 3 bedrooms and 2 bathrooms, you could decide to provide landscape or basic cable or internet services.
By following the needs of the local market, you can assemble the befitting changes without going on an entire overhaul to refurbish the whole property. The answer to concocting investment property renovations is to accomplish what is expected of the market and making certain you are coming up to the proper need in your sector.
Would you like an appraisal of your rental property free of charge? Contact us online or give us a call at 310-535-2150 for more information today!