Do I Need To Renovate My Investment Property?
San Francisco Property Management Advice
Modern, well-maintained homes rent faster and for more money in San Francisco. This is a competitive market, and you want to do everything you can to help your property stand out. While a complete renovation is likely not necessary, you should consider making some updates and improvements, especially during tenant turnovers.
Get to know what the other properties in your building and in your neighborhood are offering. If everyone is renting out units with stainless appliances and granite counters, you should consider those upgrades, too.
We have a few cost-effective ideas that can spare you the expense of a full renovation but also help you reap the rewards of improving your San Francisco rental.
INCREASE RENTAL VALUE AND ATTRACT BETTER RESIDENTS
The upgrades we recommend will accomplish two important things. First, you’ll be able to increase the rental value of your property. Second, you’ll attract highly qualified tenants who recognize value and appreciate an attractive, welcoming rental home.
1.FRESH PAINT AND CLEAN FLOORS
Fresh paint isn’t exactly a renovation but you’d be surprised at how many landlords neglect to put a new coat on their walls before marketing a property. High-quality paint makes the entire home brighter. It’s better to paint the walls in their entirety than to touch up a few areas. Invest in good paint and while you want to keep the colors neutral, you don’t have to settle for the dreary off-white that tends to turn up in every San Francisco rental home.
Floors offer a great opportunity for eye-catching upgrades. If you’re sticking with carpet, make sure it’s clean, durable, and attractive. Hard surface floors are even better. Tile, laminate, and faux hardwoods aren’t terribly expensive and they’re easier to maintain.
2. UPGRADE THOSE APPLIANCES (ESPECIALLY IN THE KITCHEN)
When you’re called to repair your dishwasher or refrigerator several times during a tenancy, it’s a good indication that the appliance has already lived its best life. Instead of continually making those repairs, replace the appliance. Install something new, modern, and energy-efficient. Well-qualified tenants are increasingly concerned about energy consumption and carbon footprints. Show off something with an Energy Star rating and you’ll be able to charge more in rent while keeping energy costs down.
In-unit laundry is also a worthwhile upgrade. If you don’t already provide a washing machine and a dryer in your San Francisco rental property, consider making that a priority during your next turnover. You’ll earn more in rent, you’ll increase the overall value of your property, and you’ll be able to reduce your vacancy by attracting good tenants quickly.
3. LET’S LOOK AT LIGHTING
Invest in adequate exterior lighting. You want your residents to feel safe in the dark. Be sure exterior doors, walkways, and parking areas are well-lit and easy to see from the street or inside the property.
Inside the home, make sure the lighting is bright and modern, especially in the kitchen and the bathrooms. Ceiling fans are popular, especially in bedrooms and living rooms. Upgraded lighting doesn’t have to be expensive, and it will make your home look good.
Where to find your vendors
To really maximize what these upgrades can do for you, you’ll have to get the work done quickly and affordably. If you don’t already have a great network of vendors and contractors in place, you’ll want to start developing those relationships as soon as possible.
SAN FRANCISCO PROPERTY MANAGEMENT IMPROVES PROPERTIES
Managing renovations and upgrades can be a hassle, especially if you’re not sure how to create budgets and timelines. San Francisco property management can help. Not only will we make specific recommendations, we’ll also help hire the vendors and supervise the work. We’ve been doing this for more than 30 years at BanCal Property Management. We can make sure your property is competitive in the San Francisco rental market and well-positioned to earn the highest possible rents.
To hear more about our leasing and management services, please
contact us. We also welcome your comments, questions, and suggestions for topics you want to learn about, so please share those too. Let us know what you’d like to hear about when it comes to effectively managing a rental property in San Francisco.
