Property managers in Murrieta can deliver a lot of help when it comes to leasing, managing, and maintaining your investment property. Another thing we’re really good at is helping you decide where and how to make the renovations that matter most.
It’s pretty much impossible to own rental property in Murrieta without keeping that property well-maintained and updated. You’ll want to make sure the property remains attractive to tenants, and you also want it to be safe and modern.
Most importantly, you’ll want to keep its value intact. In fact, you’ll want to watch its value grow.
That’s where we can help. Property managers recommend strategic updates that increase your rental value and attract and retain high quality tenants.
We have collected a lot of data and research on this, and we can tell you that when you’re willing to make strategic upgrades and improvements, you will find your property value increases by more than 10 percent.
Here are some of the best renovations that will increase your value and income.
Paint Improves Property Values
Fresh paint can instantly make a rental home look new. It smells good, it looks great, and it brightens up even a small room. During turnover periods, don’t just touch up a wall or paint over a scuff mark. Instead, paint the entire interior of the property. This will make your property stand out on the rental market.
Check your exterior paint as well. You won’t have to replace that as frequently as your indoor paint, but every few years you might find that the exterior could use a fresh coat of paint or even a power wash. A newly painted exterior will increase your value instantly, and when you choose an attractive color, you’ll get the attention of good tenants who happen to drive or walk by your property.
Avoiding Carpet and Upgrading to Hard Surfaces
It gets frustrating and expensive to replace the carpet every three to five years. If you’re turning over your rental property every year, you’re probably investing in a professional clean. Carpet is difficult to maintain. The high foot traffic, presence of pets, and tenant wear and tear is easy to see.
We recommend you pull out the carpets entirely and install hard surface flooring. This is a renovation that will increase your rent and your property value. You’ll find that this particular renovation provides several benefits:
- It looks better. Hard surface floors make rooms look larger and the overall appearance is cleaner and more modern.
- It’s better for prospective tenants who have allergies or pets. There aren’t any fibers to trap dog hair and dust.
- It’s easier for tenants to clean and maintain.
- You’ll get a longer lifespan out of hard surface flooring than you will from carpet, so your replacement costs go down per unit.
While cheap carpet is always tempting and seems easy, there are several benefits to upgrading your floors. Consider hardwood, tile, vinyl, laminate concrete and any of the other engineered options that are out there. You’re looking for durability, and it doesn’t have to cost a lot.
Murrieta Rental Property Lighting
Lighting does not cost a lot, but it delivers more value to your property.
No electricians are necessarily required. Instead, with what you currently have and focus on updating the fixtures and the energy efficiency of the lights you’re using. Installing LED fixtures will likely reduce electric bills, which is good for you and your tenant.
Exterior lighting helps your residents feel secure, and it protects your investment property. A well-lit property is less likely to be victimized than a dark building or home. If you’re renting out units in a multi-family building, make sure the parking area is well-lit as well as all the common areas. In a single-family home, update your exterior lighting to include timers and motion lights. Tenants will appreciate the extra security.
Aesthetics and Functionality with Kitchens and Bathrooms
If you’re looking for one particular room in the property to renovate, start in the kitchen. After that, move to the bathroom. These are the spaces where tenants like to see an especially modern look. They also want functionality and convenience.
Here are the upgrades that matter to your property value in kitchens and bathrooms:
- Replace old kitchen appliances and make sure you’re providing a washer and dryer in your rental property. When upgrading appliances, stainless isn’t always necessary. Instead, look for energy-efficient models in any finish. Evaluate your counters and your cabinets, as well as the sinks and the hardware.
- Remove any old, worn, or stained showers and replace bathroom flooring that’s peeling or scratched.
- Installing new hardware like faucets and drawer knobs can give the space a huge and value-added makeover.
Improve Your Murrieta Rental Homes Technology and Security
Think about technology. Tenants are still working from home, and the remote workforce is not a trend that’s going to vanish. Those residents are looking for ways to feel more efficient, productive, and even safer. The technology you provide can upgrade your rental value enormously. Consider some of these tech upgrades for your property:
- Smart thermostats. Murrieta has a generally easy climate. While there aren’t the types of extremes that we see in other places, you still need to think about energy efficiency. Your tenant will appreciate lower energy bills and the ease of a smart thermostat. This is a Wi-Fi enabled, programmable device that can be adjusted remotely. A good system will respond to your tenant’s routines, keeping rooms cooler or warmer depending on whether anyone is there.
- Digital keys. It’s frustrating to lose your house keys or inadvertently lock yourself out of the house. This is where smart door locks can help. Smart locks offer more security and ease. You’ll save money, too, because you won’t have to change the locks every time between tenants.
- Video doorbells. These are extremely popular. Tenants will know when a package was delivered and they’ll be able to see who is at the door before they answer it.
Technology renovations make sense because they meet the needs of today’s average tenant. Everyone wants to automate.
These are just a handful of the general updates and renovations we always recommend. Remember that your curb appeal is important, too.
If you’d like a specific set of recommended upgrades and renovations that will have a positive impact on the value of your property, please contact us at Diamond Property Management.
