You own property in the Carlsbad area, which is a great start, but now you want to turn that property into a source of income. Whether you lived in the property for years or just bought it as an investment, you want to maximize the money that property is making for you. While many factors put constraints on what you can charge for rent, there are always a few extra things you can do to spruce up your property and squeeze the most rental income you can from it. While it seems a little daunting, the good news is that there are many upgrades that you can perform on a property that will boost the curb appeal (and rental rates) without costing you much in the long term.
We’ll start with some lower cost items to consider and suggest a few pricier upgrades as well. Keep in mind that many of these upgrades will appeal to renters across the country and generational lines and aren’t specific to the Carlsbad area.
Start Outside
An excellent place to start is outside the property. The exterior will be the first thing that people see, and first impressions are powerful. Think about some simple landscaping, especially if your property has an abundance of yard space. Achieving this is as simple as laying out some rocks or wood chips and some drought-resistant plants or succulents. Power washing the building, replacing or painting the front door, and replacing light fixtures on the exterior can have the same effect. Don’t neglect patio space for outdoor entertainment. Outdoor space is almost a must for many renters and can make or break a tenants decision to rent from you.
If the property isn't well lit, think about enhancing the exterior lighting. Motion sensor lights and cameras, or webcam doorbells are some other easy and in-demand security upgrades. All of these items can help to deter potential property crime and keep tenants from injuring themselves in the dark.
Think Simple
There are some simple upgrades that you can perform in any room that will help the appeal. Consider small upgrades such as upgrading your wall outlets to include USB ports, or adding fans to bedrooms or common areas. Many upgrades don’t need to be complicated. You can add creative and attractive overhead lighting to a room without having to install new light fixtures.
Consider a few other simple upgrades, such as replacing carpet with laminate. Laminate can be easy to install, upgrade, and repair and can bring a lot of the appeal of hardwood without the cost. Beyond the cost of installation, replacing flooring won’t add to your monthly expenses. The same is true of plumbing or hardware fixtures in bathrooms and kitchens. Faucets, shower heads, cabinet and door handles can be swapped out in an afternoon and can do wonders for making a property look new and well kept.
Don’t be Afraid to Go Bigger
Beyond the quality of life or aesthetic fixes, there are many more significant upgrades that you can perform that will go a long way towards making your property stand out. Adding or replacing older appliances is a tremendous quality of life improvement for many tenants. Adding in-unit washers and dryers or dishwashers if you don’t have them currently can be a huge draw. Replacing older appliances such as refrigerators or stoves can help to save you (or your tenants) money on utility bills and add to the appeal of the property. Consider looking at smart appliances as well as these technologies mature. We’ve talked a little bit about exterior security features, but consider upgrades like smart thermostats that can help enormously with heating and cooling costs or cameras that tenants can link with their smartphones to keep an eye on their home (and pets).
A CarlsbadProperty Manager Can Help
There is a lot to consider when you’re looking at what upgrades to make to a rental property. You may be wondering if the cost will be worth it in the long run, or what specific upgrades people in your market are demanding. A Carlsbad property management company can help you. They can bring expertise in the Carlsbad rental market and the skills to select and perform the right upgrades for your property. Remember that a property manager is only successful when you and your property are, so they’ll be invested in making the right choices to maximize your rental income.
How can you put these skills to work for you? Download our free guide to selecting the best Carlsbad property management company to find out. Enter your name and an email address, and you’ll find a wealth of knowledge at your fingertips. Reach out for a free consultation and let us know how we can help you!
