There are many reasons why you could improve your Long Beach rental property. When you engage with an architect be sure to request references of previous projects both completed and in various stages of construction. Especially when considering using an architect for a rental property, ask the architect about their experience specifically with rental properties as the approach differs dramatically when compared with a personal residence. Be clear with them about your ideas as well as your budget. Ask clarifying questions about costs and timeframes.
Below are some suggestions of what could add additional value to your Long Beach rental property.
Adding a second bathroom to a single family home rental property can give your tenants a second option to get ready in the morning. With many people working from home, bathrooms are a hot commodity especially if there are children and multiple people getting ready. A two bathroom home is generally far more appealing to tenants and will often fetch higher rents.
The cost of a new bathroom is about $22,000 for a new addition on average. Adding a bathroom to an existing space can be $7,600 on average but you will lose square footage in the living spaces. When you add a new bathroom factors that increase costs include:
There is also the possibility of unexpected costs to keep in mind. Be sure to put additional money into your budget in the event problems arise once the walls begin to come down. Problems such as leaks, mold, pests or worse, are common to uncover. It's better to be prepared and if there is nothing unexpected, the extra money can go back into the general budget.
More bedrooms can allow a property to rent for more. An additional room can increase market value as many new tenants may be looking for the extra space to work from home or if they are looking to start a family. A benefit of adding new bedrooms is the added square footage. More square footage, means your property could sell for more should you ever want to.
A more affordable option that doesn’t add square footage is dividing an existing space into a seperate bedroom. Depending on what room is being divided installing a wall can range between $2,500 to $6,000 per wall. And an additional $1,000 to $2,000 if you need to add doors and windows. In these scenarios an architect's advice on the flow of the floor plan can be essential and consulting with a
property management company on what is common in the neighborhood can help you in your decision making process.
While some additions to your Long Beach rental can be more demanding like bathrooms, bedrooms in comparison are far easier. When adding an additional bedroom you have no need for additional plumbing. The cost to add a bedroom is in the range of $15,000 to $17,500 from foundation to roof depending on the size.
When you are thinking about developing an ADU in Long Beach for your rental property your first thought will probably revolve around upfront costs. The statewide median cost of an ADU is approximately $250 per square foot. While many people initially only consider adding a small unit, it is important to understand the neighborhood and market. Though this is the largest investment of the ones listed, the costs for upsizing an ADU is not exponential. Meaning you can build a larger unit and gain overall value for it.
Consider the configuration you want for your ADU because this will determine the size of the ADU. To determine what a fair, marketable rent should be, examine the cost of other rental in the area including single family homes, apartments, or townhouses.
When it comes time to add more space to your Long Beach rental property there are many choices to consider. To help you understand how adding bedrooms, bathrooms or an ADU can contribute to your monthly rental income, or how they can increase long term value to your property call us at (562) 888-0247 or feel free to fill out our
free rental analysis to see what your rental could yield today.