Are you keeping your investment property renovations in order? When aiming to rent out your investment property, it is important to follow the popular trends and demands in the market along with simple tasks you can perform to ensure that your property is prepared for renters.
Local Property Analysis
To really figure out what investment property renovations you should do in your home, you should do a proper analysis on how competing properties are performing. To do this, you can participate in local home open house showings to observe the current offerings of the housing market. While doing this, it would also be smart to pay close attention to people’s opinions as it can provide important market insight as to the desires and lifestyles of the people that live in the area. Also, if you manage a property that was close to shopping, freeway access, or a local “hot spot,” for instance, it might be important that you recognize the types of individuals that might want to live in your home.
If you don’t follow the right steps to set up the right house for the right market in Charles County, finding renters may take longer, or the renters might not stay as long, leading to a higher turnover rate. Take the appropriate 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 Charles County took note after a rental property took longer than average to rent. After further analysis, they realized that their rental property was in a commuter or eco-friendly area because it was near a major public transportation hub. The potential renters that viewed the property investor’s home were interested 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 losing any interest in the property. Had the owner left the gate access that was permitted by the city and hub, he could have had a better chance of renting. Adding solar panels and alternate charging stations might have been a boon as well.
Now in comes the part where you should think about the market and which investment property renovations you need to perform. Typically, families with animals are looking for a fenced yard. Elderly tenants 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 suitable to simply apply a fresh coat of paint or put in new carpeting in your investment property. The standard of rental renovations is to constantly adjust to the rising demand in the market based on what people in the area look for in a home. Adding appliances or a new coat of paint could be essential 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 might also be unhappy if they are using obsolete appliances (including a fridge, microwave, or oven), and those negative feelings can reflect on the property itself.
You can also adapt based 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 could 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 ensure you are meeting the right demand in your area.