Items to Consider When Looking at a Long Beach Condo as a Rental
Dustin Edwards • September 22, 2021
The Right Long Beach Condo has Essential Features
For many people, condos are their first residential purchase. Over time, these people find that their condo no longer accommodates their growing family and move on. However, with that comes the hassle of putting the condo on the market and selling it.
If you find yourself in this situation, consider making your condo into a rental instead of selling it. The reliability and affordability of condos make them an ideal and safe choice for first-time landlords looking to begin their rental journey. Furthermore, the reasonable price and various amenities intrigue tenants looking to rent in Long Beach.
If you are curious about the growing interest in renting out Long Beach condos, here are some of the advantages to consider.
Seaside Location
Many Long Beach condos are within walking distance of the ocean. Not only does this provide stunning views of the crystal blue waves, but it also draws tenants looking to swim, surf, or bike at the beach without the added inconvenience of loading up their vehicle and looking for a parking spot.
Additionally, most Long Beach condos provide easy access to popular waterfront shopping and dining destinations. Having multiple stores and restaurants mere steps away from your front door is a convenience that tenants will deeply value, especially if they want to experience Long Beach’s vivid and active social scene.
Best of all, Long Beach condos in such close proximity to the ocean earn a much higher rent than those inland. Thus, not only will the seaside location attract plenty of tenants, but it will also earn you plenty of money.
Ample Living Space
As opposed to small and cramped rentals, Long Beach condos tend to be expansive residences with two or three bedrooms, two bathrooms, and a nice kitchen and dining area. This can be rewarding for you since, generally, the larger the space, the higher the rent.
Having an ample living space can make your Long Beach condo a functional residence for young couples or even small, budding families. Not to mention, it will only increase the number of tenants viewing your property.
Added Amenities
Some Long Beach condos also have added amenities, such as pools and gyms. This can prove very beneficial for tenants that want easy access to exercise and relaxation.
That being said, pools and gyms generally require higher HOA fees. If you are unable to budget those costs into your tenant’s rental agreement, then those added amenities may not be as profitable as they seem.
Parking
One common drawback of condos in a large city like Long Beach is that many of them do not come with designated parking. Though your tenants might take the bus or Metro to navigate the city, many people still drive cars.
Therefore, snagging a Long Beach condo with one (or, even better, two) parking spots will be extremely helpful in attracting tenants, especially for two or three-bedroom condos.
While there are many positives to renting out a Long Beach condo, it is certainly a slightly different experience than managing a typical rental. Finding a property management company that you feel comfortable with can make understanding these nuances easier and ensure you get the most out of your investment. If you would like assistance with buying a Long Beach condo to rent, we invite you to call us today at (562) 888-0247 or fill out our online Rental Analysis.
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Have you considered including utilities in your rent? Here are some of the most common utilities that help tenants see a greater value on renting your property
Your property’s roof is its first line of defense from the sun, rain, and wind. Which means it will eventually wear out. Many landlords overlook this since a roof is generally designed to last twenty or so years, and they simply forget until the signs begin to show. Below, we’ve compiled a short list of five signs it’s time to replace your roof for when doing property inspections. Tenant Complaints When your roof has become damaged, your tenants will likely be the first to notice. When tenants report water stains on the walls and ceilings, it's a sign that you should inspect your roof. In severe cases, your tenant may notice water dripping from roof leaks. This moisture, if left unchecked, can lead to the growth of mold and mildew, which can be a health concern for your tenants. Some tenants simply move out, assuming the odors or recurring respiratory issues are caused by the rental and not just the roof. This leaves you with a vacancy to manage, and if you’re unable to find the leak during this period, the following tenant may have a negative experience as well. Many landlords have found it beneficial to have property inspections regularly in order to preserve both the property’s value and the tenant’s trust. Roof’s Age Even with the highest quality materials, a roof still has a shelf life. Most roofs in Long Beach, CA, use asphalt shingles, and these generally last around twenty to twenty-five years. Once they've passed this threshold, the faults begin to show themselves. A sagging roof line is a sign that your roof is due to be replaced, as it's a serious concern. It often indicates that moisture has entered the underlying decking and caused some structural damage. From ground level, you may not be able to notice these problems. However, during an inspection of the property, an experienced inspector should be able to notice soft spots or contours on the roof. These forms of damage often get worse over time. Coordinating these inspections and preventative maintenance can be difficult for landlords with an extensive portfolio, which is why many enlist help. Shingle Damage Damaged shingles are one of the most obvious signs that your roof is deteriorating. If you ever notice cracking, curling, or patches with missing shingles, the roof is no longer providing adequate protection to your property. Although you can buy time with spot repairs, if the entire roof shows signs of damage, it’s likely time to replace the roof. Aside from protecting your property, the roof affects your property’s curb appeal. A patchy and worn-out roof can drive down the rental appeal. Prospective tenants will easily be able to spot the differences between pictures taken in the listing when compared to the property in person. This can not only hurt your chances of filling a vacancy, but it can also hurt your reputation as a landlord. Granules in Gutters After heavy rainfall, it's a good idea to inspect your rain gutters. If you or your property manager notice large amounts of black or gray granules, it means your roof shingles are breaking down. These granules are critical for shedding water off the roof. Once the granules fall off the shingle, the shingle begins to degrade faster under the sun and elements. If you’re not sure how old your roof may be, Loss of granules can be a strong indicator that your roof is nearing the end of its lifespan. Regular gutter cleaning and roof inspections can help catch these problems early before they become expensive repairs . Increase in Utility Bills Your tenants complaining about their utility bills increasing or poor temperature control in the rental may not realize the roof is to blame. A failing roof can result in subpar insulation and ventilation. This can lead to higher heating and cooling bills for your tenant. This can be frustrating for your tenants while putting more strain on the HVAC system. This puts more wear and tear on your HVAC system. Being aware of the warning signs and being proactive can protect your rental property, maintain tenant satisfaction , and avoid emergency repairs. If you need help inspecting your roof or you need help managing your Beach City rental property, we invite you to call us today at (562) 888-0247 or complete our Owner Application online .
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