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Which Upgrades Will Offer the Best Return on Investment for My Oxnard Rental Home?

Landlord Remodeling the Common Area of Their Rental Property in OxnardSuccess in the field of rental home ownership requires planning that is solid and aimed for the long-term. Single-family Oxnard rental homes are an excellent investment but must be carefully managed to stay profitable and keep property values high. This careful management would involve making sure that rental rates stay competitive and keeping long-term tenants happy.

Regular improvements are a means for property owners to keep tenant satisfaction high while still keeping their rents competitive. 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.

When thinking about the price of the upgrades, bear in mind that expensive does not necessarily mean better. An upgrade may be the most expensive but that does not mean it that it offers 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.

For instance, replacing a garage door offers an instant and substantial boost in curb appeal. A quality garage door can instantly turn an old exterior into something fresh and better, and won’t be prone to technical problems and breakdowns for a good many years. For tenants that use their garage door every day, this would be a reassuring sign that care is given to both the appearance and function of the home. It would show them that the property owner considers the quality of life of their tenant.

Kitchen remodels, big or small, are another thing that is a priority in the list of recommended upgrades. A good kitchen is one big consideration that tenants have when choosing one which rental home to get. Numerous people like to get together with friends and family in the kitchen, so they end up in that space a lot. A kitchen upgrade doesn’t require all furniture and appliances to be updated. Just replacing appliances as they start to break down or resurfacing cabinets can already do a so much to keep the kitchen up-to-date and tenants happy.

Clean and updated bathrooms are also an item that gives significant results. And expensive fixtures or features are not required. Even a simplistic bathroom will add a lot of value and help with the longterm tenant retention of a rental home. Missing tiles, failing grout or caulk lines, and outdated cabinets must be removed and replaced with new ones so that everything is new and up to date.

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 Ventura County, we give property evaluations that are complete and useful for property owners to create their plans and make upgrades an easy part of property management. We also conduct market assessments for each Oxnard rental home and provide recommendations designed exactly for you. These are some of the ways we 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 805-387-3682.

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.