Increasing the value of your rental property provides a number of different benefits. You’ll be able to earn higher rents, you’ll attract better tenants, and once it’s time to sell, you’ll earn more on the sales price.
Tenants in North San Diego look for well-maintained homes in good neighborhoods. While there isn’t much you can do about your location or the size of your home, you can take matters into your own hands when it comes to property condition.
At North San Diego Property Management, we’ve spent years managing multifamily and commercial properties in the North County area, including in Oceanside, Carlsbad, Vista, San Marcos, and Solana Beach.
Create Curb Appeal
Prospective tenants are going to form an immediate opinion when they approach your property from the street. Make sure the outside of the home or building accurately reflects the inside of the home or building.
Curb appeal counts, so increase your rental property value with a good power washing, some fresh paint, and an entryway that looks inviting and attractive. Plant some bright flowers near the door, make sure the exterior lighting is adequate, and provide a yard that’s pretty, easy to maintain, and neat. The lawn should be mowed, the trees should be trimmed, and the entire area should be free from debris and weeds. When you take care of the curb appeal, you get cosmetic points which can translate into more dollars.
Invest in Affordable Upgrades
Another great way to increase your property’s rental value is with some updates and upgrades that will make it look modern and fresh. You don’t have to renovate the entire house. But, if you pay attention to the areas that matter most to well-qualified tenants, you can earn an instant return on your investment. If your kitchen appliances are getting old, replace them with energy-efficient, stainless steel appliances. Consider granite counters or hard flooring surfaces. You can also replace the faucets and the hardware on drawers or cabinets. Install ceiling fans and choose a neutral paint color that’s more interesting than basic beige.
When you take the time to make some small updates to your property, tenants notice, and they’re willing to pay more than they will for homes that aren’t updated and don’t stand out. A few cost-effective changes can make a big difference in your rental price and your tenant selection.
Provide Incentives for Higher Rents
Give good tenants a reason to pay more in rent. For example, you can offer free basic cable or set up the property for wireless internet. You can turn it into a smart home that’s compatible with all of a tenant’s phone and mobile devices. Include lawn care or pool maintenance in your rent for a higher price and a better chance of keeping your home well-maintained. Tenants want value, and they’ll pay more if they feel like it’s worth it.
Responsive Maintenance Increases Value
Respond to maintenance and repair requests right away, and keep an eye on anything that needs to be fixed or improved at your property. Deferred maintenance is expensive, and you won’t be able to get the best rents if your property looks like it has seen better days. Put together a preventative maintenance schedule so you’re automatically having things like your HVAC system and your roof inspected and services.
Increasing your rental value will help you earn more in both the long and short term. We have some additional ideas we’d love to share, so please contact us at North San Diego Property Management.