Have you been keeping your investment property renovations in line? When looking to rent out your investment property, it is essential to realize the popular trends and demands in the market along with regular tasks you can perform to ensure that your property is set for renters.
Local Property Analysis
To really understand what investment property renovations you should do in your home, you should perform a formal analysis on how the competition is performing. To do this, you can participate in home open house showings to view the current offerings of the local housing market. While doing so, it would also be wise to pay careful attention to people’s opinions as it can provide key market insight as to the desires and lifestyles of the people that reside in the area. Also, if you were managing a property that was close to shopping, freeway access, or a local “hot spot,” for example, you should take note of the kinds of individuals that might wish to rent your home.
If you don’t do the right steps to set up the right house for the right market in Thousand Oaks, it may take longer to get renters, or the renters might not stay as long, resulting in an increased turnover rate. Take the proper steps in attending to your investment property renovations by ensuring that your renters get what they need.
Fulfill the Needs of Your Target Market
A property investor in Thousand Oaks took notice after a rental property took longer than normal to rent. After further assessment, they realized that the home they were renting out was in a commuter or eco-friendly area because it was nearby a major public transportation hub. The potential renters that were viewing the property investor’s home had interest in the property; but after learning that the access to the hub was blocked 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 out the property. Adding solar panels and alternate charging stations may have been a bonus too.
Now in comes the part where you need to think about the market and what investment property renovations you need to do. A family with animals is typically looking for a fenced yard. Elderly individuals might appreciate more of a low maintenance garden, additional storage space, and accessible bedrooms.
Meeting the Housing Standard
Sometimes, it would be fitting to just put a fresh coat of paint or add new carpeting in your investment property. The standard of rental renovations is to continuously adjust to the growing demand in the market based on what people in the area want in a home. Putting in 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 appropriately maintained or updated could lead to damages or wear. Residents can also be unhappy if they are using obsolete appliances (including a fridge, microwave, or oven), and those negative feelings could reflect on the property itself.
Moreover, you adjust depending on what the housing market is. For example, if your property has four bedrooms and one bathroom while the demand in the area is for three bedrooms and two bathrooms, you can choose to provide landscape, basic cable, or internet services.
By understanding the demands of the local market, you can make the correct adjustments without going on a complete overhaul to renovate the whole property. The secret to making investment property renovations is to do what is required of the market and ensure that you are meeting the proper demand in your area.
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.