Rehabbing a rental property
A major part of owning a rental property is rehabbing it so that it is comfortable and safe for tenants to live in, and simultaneously increasing the value of the home. But rehabbing a home is about more than creating a home that you would like to live in. It’s about knowing and understanding the local market and making upgrades to the home in a way that attracts high quality tenants. Here are X tips you need to know about rehabbing a rental property. Benefit National provides full service property management services in Lake Elsinore CA.
Know Your Renters
Understanding what the renters in your area are looking for is crucial in creating an appealing home for future tenants. A retired couple is going to have different needs and expectations in a home than a young family or a millennial. Research the are and find out who the typical renters are that are looking for homes in your area. This is the first step in rehabbing a property so that it will be attractive to the buyers in the area. Benefit National Property Management in Murrieta is a full service management company that can help guide you as to what local renters are looking for in a rental home.
Start With Security
The first step in rehabbing a rental property is making sure that the only people who have access to the property are people you’ve approved. This means changing the locks in windows and doors. Making sure windows lock can help keep vandals out while you’re in the process of rehabbing. If someone with bad intentions gets in and steals or vandalizes the property it could mean a lot more work for you. Consider keeping a light on even when you’re not there to deter thieves from taking a chance on your home. Even in safe areas like Lake Elsinore, Wildomar, Winchester and Murrieta, you still need to be proactive!
Sometimes, time is of the essence when rehabbing a property. If the home needs to be fixed up in a pinch, do a through overview of the property to determine what needs to be done and what issues can wait. Things like electrical, plumbing and HVAC should be on the top of your To-Do list, while things like fixtures, painting and other aesthetic upgrades can usually wait. Have the roof checked out early in the rehab process so that all of your interior work isn’t ruined because of a leaky room and a rainstorm.
Be Careful About Codes
If there is trash and/or debris in and around the house, take care of that first. You don’t want to violate any codes for having unsightly garbage and debris in the yard. The last thing you need is a citation before you even get started on the rehab. Don’t worry about major changes to the exterior of the home or landscaping until the inside of the home is done.
Clear Your Workspace
Depending the on the condition of the home, you may need to get rid of some of the debris inside of the home. You can’t make major improvements to a rental property if there is junk laying around. Removing excess debris creates a safe working environment and makes it easier to get organized. Have a plan when it comes to removing the debris from your yard, don’t just put it by the curb and let it pile up. Consider renting a dumpster to take care of all of the trash you need to get rid of.
Rehab and Repairs
Now the exciting part begins. When the home is safe and clear of debris, you can start doing the necessary repairs to make it someone’s home sweet home. When it comes to a list of the most common rental property repairs, these X top the list
- Water leaks/plumbing issues
- Water heater problems
- Problems with HVAC
- Garbage Disposals
- Furnace Repairs
If you don’t feel comfortable tackling some of these major issues, even after watching a few helpful YouTube videos, call a professional. These are things that need to be up and running before tenants can move in
Rehabbing and repairing a rental property is a lot more than the rehab ad repairs. It’s about knowing what the house needs in order to attract high quality renters. The whole idea of rehabbing a property is to add value to the home and eventually increase your ROI. Hire competent and honest contractors who can do the work you can’t, and don’t cut corners. Getting your investment property in the best possible condition is the best way to ensure happy tenants and a constant stream of passive income.
Benefit National Property Management
29995 Technology Dr. 105A | Murrieta CA 92563 | 951.473.8177