Skip to Content

Get a FREE assessment of your rental property. Start here!

Get a FREE assessment of your rental property. Start here!

Knowing Which Temecula Investment Property Renovations are Needed

Inspecting Your Temecula Property for Potential RenovationsHave you been keeping your investment property renovations in order? When looking to rent out your investment property, it is important to realize the popular trends and demands in the market along with simple tasks you can perform to ensure that your property is ready to be rented.

Local Property Analysis

To properly understand what investment property renovations you should add into your home, you should do a formal analysis on how competing properties are performing. To do this, you can participate 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 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 follow the right steps to set up the right house for the right market in Temecula, it may take longer to find renters, or the renters might not stay as long- resulting in 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 Temecula took notice after a rental property took longer than average 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.

Now comes in the part where you need to think about the market and what investment property renovations you need to make. 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

Sometimes it would be fitting to simply apply a fresh coat of paint or add 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 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 adjust depending 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 understanding the demands of the local market, you can make the proper adjustments without doing a complete overhaul to renovate the whole property. The key to making investment property renovations is to do what is required of the market and ensure you are meeting the proper demand in your area. Realevate Specialists can help you know what needs to be done. For more information, contact us online or call our Mission Valley office at 858-997-2100 or our Temecula office at 951-461-0100.

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.