Have you been keeping track of your investment property renovations? When looking to rent out your investment property, it is crucial to realize the popular trends and demands in the market together with simple tasks you can do to ensure that your property is ready to be rented.
Local Property Analysis
To properly discern which investment property renovations you need in your home, you should do a formal analysis of the performance of competing properties. To do this, you can take part in local home open house showings to find the current offerings of the housing market. While doing so, it would also be wise to pay careful attention to what people are saying as it can offer important market insight into the desires and lifestyles of the people living in the area. Moreover, if you were managing a property that is situated near shopping, freeway access, or a local “hot spot,” for example, it might be important that you pay attention to the types of individuals that want to live in your home.
If you don’t take the right steps to set up the right house for the right market in Palm Harbor, it may take longer to find renters, or the renters might not remain for long, resulting in a higher turnover rate. Take the correct steps in attending to your investment property renovations by making sure that your tenants are getting what they need.
Fulfill the Needs of Your Target Market
A property investor in Palm Harbor took notice after a rental property took longer than average to rent. After further examination, she realized that the property she was renting out was in a commuter or eco-friendly area as it was close to a major public transportation hub. The prospective tenants viewing the property investor’s home were interested in the property, but they decided to walk away without any further interest in the property after learning that the access to the hub was closed off by a high fence with no gated access. Had the owner left the gate access that was permitted by the city and hub, she may have had a better chance of finding renters. Adding solar panels and alternate charging stations may have been a boon as well.
Now comes the part where you need to consider the market and what investment property renovations you need to make. Usually, families with pets are looking for a fenced yard. Elderly individuals might appreciate more of a low maintenance garden, more storage space, and bedrooms with ease of access.
Meeting the Housing Standard
Sometimes, it would be fitting to simply put a fresh coat of paint or add new carpeting to your investment property. The standard of rental renovations is to always adapt to the growing demand in the market based on what people in the area are looking for in a home. Adding new appliances or a new coat of paint might be important in increasing the value of the rent and/or allowing your property to be occupied for a longer time. A house that is not properly maintained or updated could result in damages or wear. Residents can also be unhappy if they are using outdated appliances (including a fridge, microwave, or oven), and those negative feelings can reflect on the property itself.
You can also adjust based on what the housing market is. For example, if your property has four bedrooms and one bathroom but the demand in the area is for three bedrooms and two bathrooms, you could opt to provide landscaping, basic cable, or internet services.
By considering the demands of the local market, you can make the right adjustments without going on a complete overhaul to renovate the entire property. The secret to making investment property renovations is to do what the market needs and ensure you are meeting the proper demand in your area.
Do you want to find out more about Real Property Management TradeWinds? Please contact us online or call us at 727-400-4722 for further information.
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