When performing rental property upgrades, oftentimes it might be easy to refer to the television shows where you see individuals buying and flipping homes in a quick, professional, and timely fashion. Yet trying to follow the example of a flip-home reality show can be costly and lead to improvements that are not needed or decrease the value of the home if they are not done right. Because as property investors we focus on renting out to residents and not to sell the home, it is important to keep in mind the importance of making your investment long-term sustainable and satisfactory for your local market. Imagine your renters walking into a poorly executed renovation. Think of what rental property upgrades need professional attention vs. something that you can do yourself.
Now we ask ourselves the big question: if I should not be “flip-styling” my properties, what renovations do I need to make? As we look further into home renovations, the key is to find the top 20% of upgrades to your home that will add 80% of the value. As we look deeper, the main finding is that renovations tend to be more cosmetic, less complex, and cheaper in nature.
Increasing Visual Appeal
The prevailing step in bringing about rental property upgrades based on your market is to hone in on two key areas: Outside “Curb Appeal” & Inside “Home Visualization”
Outside Curb Appeal
If you are renting out a single-family home, you may want to focus on the yard or garden first. The right rental property upgrades can include:
- Include gravel and rock walkways
- Add plants that are drought tolerant
- Reduce total grass lawn space with rock landscaping
- Prevent weeds from growing by using mulches in garden beds and around borders
- Make the path to the front door clear and clutter free by removing any litter
- Keep the lawn mowed and edged.
- Consider adding a potted plant to your front porch
- Repaint areas of chipped paint or sunspots
- Replace and fill in cracked sidewalk or driveway
- Add privacy fencing and outdoor living areas
To maintain your San Diego property from the outside and sustain the overall visual appeal, factor in who will do the upkeep with the lawn and landscaping. You could do it yourself, hire a professional service (while considering the cost of the rent), or you could require the resident to do it.
Inside Property Visualization
When it comes to rental property upgrades from the inside of the property, it is vital to help the residents when they are considering renting from you to help them visualize themselves living in your property. Some things you can do to that have the greatest return on value include:
- Stage the rental property with décor as this helps the potential residents visualize living in the home.
- Clean up clutter and deep clean so appliances, windows, bathrooms, and floors sparkle.
- Have a property management company set up quality services to address your resident’s concerns, and perform timely repairs such as fixing leaky toilets, broken microwaves, and temperamental dryers.
- Apply fresh paint, floor coverings, and window dressing.
(Make sure that the paint you use is not bold or bright as lighter, neutral colors can have a better effect on the mood and style of your property.) - Add blinds/coverings to your windows
In Conclusion
Treat your San Diego rental property as though it is your home by organizing, upgrading, and maintaining your home as a place that you yourself would feel comfortable in living in. Not only is it important to apply sustainable rental property upgrades, but also to find the residents that will treat your property with the respect it deserves. If you’d like more info, Realevate Specialists would be happy to assist. Please 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.
