Have you been keeping your investment property renovations in order? When looking to rent out your investment property, it is vital to realize the popular trends and demands in the market together with simple tasks you can perform to ensure that your rental property is ready.
Local Home Analysis
To properly understand what investment property renovations you should do to your home, you have to do a formal examination of how competing properties are doing. To do this, you can participate in home open house showings to see the current offerings in the local housing market. While doing so, it would also be wise to give close attention to what people are saying as it could provide important 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, it is important that you take note of the types of people 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 League City, it can take longer to find tenants, or the tenants might not stay as long, resulting in a higher turnover rate. Take the right steps in attending to your investment property renovations by ensuring that your renters are getting everything they need.
Fulfill the Needs of Your Target Market
A property investor in League City took notice after a rental property took a longer time than average to rent out. After more analysis, they realized that the home they were renting out was located in a commuter or eco-friendly area because it was near a major public transportation hub. The prospective renters that were inspecting 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. If the owner left the gate access that was allowed by both the city and hub, they might have had a better chance of renting. Adding solar panels and alternate charging stations may have been an advantage as well.
Now in comes the part where you need to consider the market and what investment property renovations you need to make. Usually, a family with animals is looking for a fenced yard. Elderly renters might appreciate more of a low maintenance garden, extra storage space, and easily accessible bedrooms.
Meeting the Housing Standard
Occasionally, it would be fitting to simply apply a new coat of paint or add fresh carpeting in your investment property. The standard of rental renovations is to continually adapt to the growing demand in the market based on what people in the area want in a home. Putting appliances or a new coat of paint could be important in increasing the value of the rent and/or allowing your property to be rented longer. A house that is not well maintained or updated could lead to damages or wear. Residents can also be displeased if they are using outdated appliances (including a fridge, microwave, or oven), and those negative feelings could reflect on the property itself.
Furthermore, you can 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 might decide to provide landscape, basic cable, or internet services.
By understanding local market demands, you can make the proper adjustments without going on a total overhaul to renovate the whole property. The key to making investment property renovations is to do what is required of the market and making sure you are meeting the proper demand in your area.
Would you like a free assessment of your rental property, or would you like to learn more about the services that Real Property Management Prestige offers? Contact us online or call us at 281-532-5455 today!
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.