Upgrades that Can Help Your Tenant Save and Improve Your Property
Dustin Edwards • April 24, 2020
The Right Property Rental Upgrades Can Help You and Your Tenant
When rental property property owners think of investing money in their property, quite often the thought is around maintenance of the property. Maintenance can come in many forms from replacing aging windows, resurfacing flooring, or the ever common re-painting. Of course as markets change and renters look for more value for their money it is up to the property owner to look for ways to add value.
While the larger new apartment developments can offer amenities such as a pool or gym, that doesn’t mean an owner of a single family home for rent in Long Beach can’t offer unique aspects that attract renters who pay a great rent and are looking to stay. As different innovations hit the housing market many of them are appropriate for your rental. Consider the following upgrades or you might even consider them updates to your rental to help you property stand out from the competition.
LED Lights
Many homes in Long Beach have been upgraded to include canned lights, but are those lights upgraded to LED lights. With the change in California to LED lights in 2018 it didn’t mean that everyone switched out their lighting or bulbs right away. LED lights are more cost effective to operate and with traditional incandescent lights out now just might be the time to switch over your lighting to all LED.
Insulation
If you have ever had an energy analysis performed on your home in Long Beach then it is likely that the concept of insulation was raised to help the home get greater use from the heating and AC unit. In the 1940’s, when many of the homes throughout Long Beach and Lakewood were built, insulation wasn’t part of the mandated building process as it is today. While insulation wasn’t common during the 1940’s or 1950’s the benefit is that raised foundations were popular making adding insulation fairly straight forward. Consider adding insulation in the attic to help control monthly heating and cooling costs.
Solar
The cost of solar has been decreasing (by some stats by 20% over the past 5 years) over recent years with increased competition and improved efficiencies. While solar panels can be one of the more expensive upgrades (prices can range from $11,000-$20,000 depending on the size of your property) it is one that can provide all of the necessary electricity for your property. With the tenant benefiting from not having an electric bill (or an incredibly tiny one) you could even get a premium on your monthly rental amount when they discover your property has solar.
These are just a few of the property upgrades
that can help tenants save and keep them happy in your Long Beach rental for years to come. When you want to find out which upgrades we recommend if you have a recent vacancy we invite you to call us today (562) 888-0247. If you want to have a quick check to see how much your property could fetch in rent we invite you to fill out our Free Rental Analysis
where we can show you how your property will fair against the competition.
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ADUs are a great to expend your current rental property and increase unit count for rent, find out the different ways to convert existing structures into ADUs
There's value in keeping tenants happy. Discover 4 reasons keeping tenants happy is good for your property.
With the real estate market as competitive as it is, many landlords are looking into building an Accessory Dwelling Unit (ADU) or Jr. ADU to improve their bottom line with additional monthly income. While this is a great way to earn more, you need to be sure you’re investing in the right upgrade to your property. Below are some of the key differences between ADUs and Jr. ADUs; this way, you can make the right decision for your property. Differences between Junior ADUs and ADUs On the surface, the primary difference between an ADU and a Jr. ADU is the square footage. However, there are many considerations for each type of ADU , significant differences include costs and build limitations. ADUs are generally seen as a larger and more versatile build when compared to a Jr. ADU. They can be built detached from the main home, converting an existing structure, most commonly the garage. In Long Beach, an ADU can be up to 800 square feet or 50% of the gross floor area of the primary dwelling, whichever is smaller. For reference, an 800 sqft living space can be arranged as a 2-bedroom 1-bath home, though with creative use of the space, many investors have been able to fit 2 bedrooms and 2 bathrooms comfortably. If listing the ADU for rent is the goal, this can produce a higher yield, though at the cost of a higher initial investment. Jr. ADU, on the other hand, can only be a maximum of 500 sqft and must be built attached to the existing single-family home. While you can build an entire new addition to accommodate the Jr. ADU, it's not uncommon for homeowners whose homes are bigger than they need to convert a bedroom into a Jr. ADU in order to have additional income . A Jr. ADU does still require an efficient kitchen. Bathrooms can be shared with the main house, though this can deter some prospective tenants. Additionally, the utilities are oftentimes shared with the main house, which can simplify installation, though it can complicate utility costs with your tenant. When an ADU is Right Being able to build a full ADU provides an entirely separate and private living space, which is more desirable to prospecting tenants. This is the preferred choice for most investors, especially those who have unused space in their property. By being built apart from the main house, an ADU may cause less disturbance to those living in the main house, whether that be yourself or another tenant. In Long Beach, CA. ADUs can’t be listed as short-term rentals on apps like Airbnb; that being said, an ADU can command more in rent because of the aforementioned features. If you’re looking for a long-term investment, ADUs increase your property’s value while generating a consistent cash flow. Finally, if you ever plan on selling your rental property, the additional ADU can improve the appeal of your property to future buyers. When a Jr. ADU is Right While a Jr. ADU doesn’t have the same potential as a full-sized ADU, Jr. ADUs are far more budget-friendly. These are a great option for investors who have limited funds. Since Jr. ADUs generally require less work to be done in less time, allowing you to begin making a return sooner. Finally, if your property doesn’t qualify for a full-sized ADU permit due to the size of the property lot, a Jr. ADU can be built primarily through interior work, which may only require reconfiguring existing interior space. Whether you choose a full-sized ADU or a Jr. ADU, the decision depends on more than just the size of the structure, you’ll have to manage filling the vacancy and managing the new tenant. If you need help choosing which ADU is right for you 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 .
