Buying a condo in Long Beach can prove to be a wonderful residence and investment. Over the years we have found that many clients start their real estate investment portfolios by keeping their first property purchase. For many here in the Southern California real estate market the first purchase is often a condo due to affordability reasons. As a condo is often affordable for purchase for many first time buyers that can often mean that after a handful of years living there that it can also be affordable for someone to rent making it a great place to rent.
If you have the idea of buying a condo in Long Beach with future plans to make it a rental, then we invite you to consider the following to help you experience success for the long term.
What is the optimum configuration of a condo to rent?
As opposed to homes where most commonly in Long Beach where you will find them to be either a 2 bedroom and 1 bathroom or a 3 bedroom and 2 bathroom property in condos you will find a wider variety of options. For condos in Long Beach you will find there are studios, 1 bedroom, 2 bedrooms and sometimes even 3 bedroom units. Of course with all of these options what will rent best for the future? While there isn’t a simple answer, consider that one of the most popular configurations for buyers and renters is traditionally a 2 bedroom and 2 bathroom unit. Of course it does depend on how much the rent is but a little extra space can allow for two people to easily share and keep their expenses optimized which provides you a larger population of prospective tenants.
Which Upgrades will be best?
When you purchase your first condo it is an exciting time. Making the transition from a renter to an owner is exciting and one of the methods that many people use to reward that enthusiasm is through upgrades to their condo property. Upgrading a property with features such as granite countertops or renovating a bathroom can certainly be done, but we would caution you on your design elements and your budget when you plan to make it a rental.
For instance if the countertops in your condo are truly in need of an upgrade consider quartz instead of granite. While the cost between a nice quartz countertop and granite can be similar, quartz is far more durable as it is man-made vs. a natural product. Selecting items that are a good value and durable will help you to ensure your property is a rental that requires lower maintenance costs over the long-haul.
The other main element to consider when selecting upgrades is your personal preferences vs. what is appealing to a larger audience. While you have always wanted a detailed glass tile backsplash in blue will that appeal to a wide variety of renters? This is always a tough one as you want to enjoy your property (and no one is suggesting not to get what you want) but consider striking a balance on what you absolutely want today and what might wait until your next property.
Amenities and Parking
When you are evaluating your condo options take time to consider the amenities and parking associated with your condo. Consider that while a nice amenity such as a pool can be enjoyable it generally causes the HOA to be higher...and will that allow you to get a higher rental amount? In certain buildings it can be a benefit and others it won’t help.
Even with Long Beach having a robust bus transportation system and the blue line there are still plenty of cars. To support the ability for your future tenants to easily park (and thereby wanting to rent your property) try to maximize the parking for your condo. This is particularly challenging in areas such as Alamitos Beach, where many condos don’t have parking. Each neighborhood in Long Beach has nuances when it comes to parking but consider that generally the maximum parking spots you can achieve is 2 (common with a 2 bedroom or 3 bedroom unit) and getting 2 parking spots can truly pay dividends with attracting tenants in the future.
Note: While unlikely there would be limitations we encourage you to check with your HOA to see if there are any limitations on renting your condo.
When you want to find out more about what to look for when buying a condo to rent in Long Beach we invite you to call us today (562) 888-0247 and we can share our experience. If you already have a condo in Long Beach you want to rent and you want to have a quick check to see how much your condo could fetch in rent we invite you to fill out our
Free Rental Analysis
where we perform a comprehensive comparison to share your rental stacks up to the competition.
