As the owner of an investment property, you likely want to increase its value so that you maximize your return when you rent it out, or when you decide to sell. Maximizing value for tenants is the key to success for property management in San Diego because it’s such a competitive, desirable real estate market.
People searching for housing in San Diego have high standards, and they know how to shop intelligently. With that in mind, here are some ways to make sure your property catches the eye of your target customer.
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1. Improve Your Property’s Curb Appeal
One of the quickest (and least expensive) ways to improve the value of your property is by improving its outside appearance. This involves ensuring the lawn is nice and green; having beautifully landscaped flower beds, and making sure exterior paint or siding is in good condition.
Even simpler fixes, like power washing sidewalks and the driveway, can make a huge difference to your property’s appearance. You can also consider scrubbing window exteriors, which often build up a layer of grime over the years.
2. Change Old Kitchen and Bathroom Hardware
If your investment property has older kitchen and bathroom hardware, you can swap it out for a more modern look. Consider replacing cabinet knobs, drawer handles, or the faucet and handles on the sink. Stores such as Home Depot often have a wide variety of hardware at reasonable prices.
If you’re not sure what “look” you want to go for, a reputable company specializing in property management in San Diego can assist you. Depending on the overall aesthetic of the building, modern and sleek may be a good fit. If your building is older, you can consider a Craftsman-inspired look for a clean, retro feel.
Oftentimes, this type of improvement can be done on your own with minimal tools involved. However, if you need help, you can seek the assistance of a friend or handyman who knows their stuff.
3. Replace or Repair the Roof
The roof of a home is often one of the first places that a home inspector will check when they are looking at the overall structural soundness of your home. If you think there may be a place where the roof has a leak, or if the roof hasn’t been replaced in over 15 years, it may be time to invest in a new one. This is especially true if the roof has a poor appearance or is weather-damaged.
A roof replacement can be fairly expensive but is well worth the investment. Problems with a building’s roof can quickly lead to problems in many other parts of the home driving up repair costs significantly.
If replacing the roof makes sense, make sure to ask for extra shingles in case you need them down the line. It can be difficult to find matching shingles for a roof after it has been installed, so having a few extra original shingles can come in handy.
4. Update the Windows
Installing new windows can improve the look of your property as well as lower utility bills. If the windows in your property haven’t been replaced in a while and are looking outdated or are leaking, it’s definitely time to install some new ones.
Depending on the size of the home, replacing all of its windows may be expensive. However, the investment is likely to pay off when it’s time to rent the property, or when you finally put it on the market. New windows can reduce the amount of heat lost in the home and keep the humidity out of your building, protecting your investment from mold and other problems.
If you’re able to, you may be able to perform the installation yourself. However, windows are a bit more of an endeavor, so working with a professional may be the best route.
5. Add a Bedroom
Finally, adding a bedroom may make sense. In some cases, your investment property may have an extra room that is currently structured as a side room, small living room, or game room. Transforming that space into an extra bedroom or even a guest room can significantly increase its value.
You can also make this adjustment if you have an oversized bedroom that could be easily divided into two rooms. Simply add some framing and drywall, and you’ll have the extra room. If you’re unsure whether adding an extra bedroom to your investment property is a good move, companies specializing in property management in San Diego can give you advice.