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Tips on Renovating Rental Property for Higher Profit

Santa-Clara-property-management-tips-on-renovating-rental-properties

Do you own rental property in Santa Clara Valley? If you do, you understand some of the challenges that property owners – everywhere – face when it comes to maintaining your rental property and increasing your income. While rents in Santa Clara County are among the highest in the country, your property still needs to be maintained and updated periodically to attract and retain the most desirable tenants.

There are a number of ways for you to reduce your maintenance costs and increase your rental income. Below are some tips from professionals at a Santa Clara County Property Management Company that may help improve your bottom line.

  1. Does your property look inviting to those you want to rent to? You will attract tenants who have a higher standard of living if your property looks the part. When compared with other rental properties in the area does your rental look more appealing than most? Of course you won’t go to the same lengths to impress as you would if you were to sell the property- but you still need to bring it up to the same standards as the people you hope to rent it to.
  2. New paint makes all the difference. No one likes to move into a new place with dingy walls. Paint is one of the least expensive and most dramatic ways to cheer up rooms and give them a fresh new look. Check out the ceilings as well. They don’t require painting as often as walls – but a graying ceiling certainly detracts from newly painted walls.
  3. Can items be replaced or repaired to reduce maintenance costs? Before you replace – check to see if it can be repaired. Also consider replacing older carpets with hardwood or laminate floors since they are easier to maintain and reduce maintenance costs in the long run. Drapes can also be replaced with blinds which last longer and reduce cleaning maintenance costs when you get a new tenant. Replacing ceiling lights, door handles, and cabinet hardware that have seen better days will make your rental look like it is being maintained properly.
  4. Kitchens and bathrooms. These two rooms make the biggest impression to potential tenants. These are rooms that may need to be renovated or upgraded if the cabinets, counters or appliances are outdated. Also make sure there aren’t any faucets or tubs that are dripping or stained, and make sure the toilet works properly and is in good condition.
  5. Clean, clean, clean. Don’t count on the cleaning done by a previous tenant. The best way to make sure your rental property is looking its best is to have it thoroughly cleaned by professionals before showing it to perspective tenants.
  6. Grounds maintenance. Just as you want curb appeal when you sell a property – you also want your rental to make a good first impression to attract good tenants. When your property is well maintained and looks attractive from the curb – your property is more likely to retain value and a higher rental rate.

Don’t Do it on Your Own

It’s hard to manage a rental property on your own. There are many details that if managed properly can add extra income to your property. A property management company can give you the expert advice you needed to optimize profitability for your rental property. Valley Management Group is a property Management Company in Santa Clara CA that will manage all the issues associated with maintenance, collecting rent and interviewing potential renters. They will be proactive in order to ensure that your property brings the highest return possible.

From maintenance to obtaining qualified tenants, Valley Management Group is a property management company that has been serving the needs of rental owners in Santa Clara County for over 35 years. If you own rental property Manager in San Jose or anywhere in Santa Clara County contact Valley Management Group today to get a free property management quote and one free month of services.

Reviewed and Approved by Lloyd Kipp
Property Manager and Owner of Valley Management Group

One response to “Tips on Renovating Rental Property for Higher Profit”

  1. […] renters. For more details read the complete blog article on the Valley Management Group site “Tips on Renovating Rental Property for Higher Profit”. If you own rental property in San Jose or anywhere in Santa Clara County contact Valley […]

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