The rent in Los Angeles is higher than the national average since there is a low vacancy and increased demand for suitable rental units. As an LA County landlord, you need to regularly evaluate if your property is earning up to its true potential. If not, you need to maximize the income you are generating from the unit.
One of the best ways to increase your ROI is by renovating your rental property. Integrating valuable features and modern amenities in the rental unit can attract good, high-quality tenants. They may also be willing to pay more if you provide something that makes your rental stand out from others in the market.
While renovating, it is not necessary that you completely revamp your rental. Instead, you can focus on making changes that will enhance the value and appearance of your property and will attract potential tenants.
Here are a few rental property renovations to maximize your rental income.
Beautify The Exterior of Your LA County Rental
Potential tenants pay attention to the curb appeal of your property, which is why it is essential to ensure that it is aesthetically pleasing and welcoming. Here are a few things you can do to enhance your house's curb appeal.
Paint the exterior
Nobody wants to live in a house that looks old and dusty. A fresh coat of paint on the exterior of your rental can make it look pleasant for potential tenants. You can also fix cracks and cover exposed bricks to achieve an appealing outlook.
Pay attention to the landscaping
The appearance of the yard surrounding your house should also be attractive since it is the first thing people are going to notice. You can start by trimming the hedges, mowing the lawn, and installing a walkway to the door. It can instantly brighten up the surrounding of your house and boost its curb appeal. We at Bell Properties can put you in touch with professionals for such services.
Add additional spaces
We suggest you add extra spaces to your house, like a patio, a gazebo, or a lounging area in the garden. The tenants can efficiently utilize these well-decorated spaces for parties and special occasions or simply for relaxation. You can also charge an extra amount for using the space for events, thus maximizing your rental income.
Kitchen Renovations For LA County Rental Property
The kitchen is probably the most used room in every rental. Many landlords miss out on good tenants because their kitchen is not spacious or modern enough to meet people's requirements. You can upgrade your kitchen by integrating the following steps.
Change the cabinets
Cabinets are one of the most-used items in the kitchen and can face significant wear and tear. Therefore, it is essential to upgrade the cabinet hardware, handles, knobs, and paint on its exterior to give the kitchen a polished look. Use high-quality and durable materials to minimize frequent repairs and save on maintenance costs.
Fix the countertop
Countertops are the highlight of every kitchen and need to look clean and well-maintained. A countertop with dirt and gashes on its surface can cause the kitchen to look shabby. Therefore, you can consider changing your current countertop to a granite one or replacing it with a durable material that can withstand scratches, stains, and heat.
Add modern features
You need to ensure that you replace all old, faulty, and outdated materials in the kitchen. You can change the faucets and taps, install new sinks and upgraded chimneys, and also integrate an oven to improve the functionality of the kitchen. Renovating the kitchen can significantly increase the return on investment that you generate from your rental. A minor kitchen remodel can increase your ROI by 81.1%, while a midrange major remodel can result in a 59% increase in ROI.
Install a Security System
Even though the overall rate of burglaries has recently decreased in Los Angeles by 6%, not all homes are completely safe. As the popular saying goes, it is better to be safe than sorry, and this applies to your rental property too. Your home is more likely to be robbed if there are no security systems. Consider installing some of the following security tools to prevent events of disturbance, damage, break-ins, and other safety concerns.
You can install a burglar alarm to alert the occupants of intruders, suspicious activity, or any potential harm that can arise while in the rental. It also discourages the intruders by sounding a loud noise and alerting everyone in the vicinity. Including this in your property can keep your tenants safe from burglars, thieves, and robbers.
To achieve tight security around your rental and the yard, you can install a security camera near the entrance, back doors, and overlooking open spaces. These hi-tech cameras accurately capture signs of movement and send live feedback directly to your or the property manager's device, thus ensuring the safety of your tenants by increasing transparency in the surrounding of the house.
We recommend installing bright and attractive lights at the entrance, backyard, and walkway to increase your house's visual and aesthetic appeal. It will serve a twofold purpose of increasing security and improving the ambiance of the rental unit.
Bathroom Renovations For Your Rental Property
Every tenant wants a clean, up-to-date, and modern bathroom as it is a room frequently used. It is also a place with moisture and humidity and thus needs to be maintained well in every rental property. Here is how you can make this space comfortable, functional, and attractive.
Replace the toilet
You can replace the old toilet unit with a new one from the plenty of options available in the market. First, however, you should ensure that it is functional and of an ergonomic design.
Change the shower area
The shower area of your rental bathroom can become slippery after years of use, which can cause injuries if the tenant slips and falls. You can redesign the shower area by making it more spacious, adjusting the shower to reduce backsplash, and replacing new skid-free tiles to prevent slips and falls.
Install shelves in the bathroom
Additionally, the tenant can use the bathroom area, sink counter, and ledges to store their toiletries. You can incorporate multiple vanity units and shelves in your bathroom to ensure that the tenant has enough space to store their essentials while also saving room.
Include Attractive Amenities In Your LA County Property
The additional offerings that you feature in your rental property, or amenities, can increase tenant satisfaction and help develop your rental unit, thus increasing its value in the market. Here are a few of those that you can put to use on your property.
Extra storage space
All tenants appreciate extra storage space as it saves money on buying a storage unit. If your LA County rental has a huge garage, you can use a section of that space as storage. Ensure that the rental has enough closet space and separate cabinets for storage and other purposes.
Smart home upgrades
You can improve your rental by including technological upgrades like a smart hub, smart appliances, and smart heating and cooling systems. These upgrades can help your tenant easily control the amenities in the unit via an application. They also increase the ease of living for your tenant and the market value of your rental.
Using laundromats can be tiresome for many people and can also cost more. However, installing a washer-dryer can create a positive impression for potential tenants. To install one, you will need to pay attention to the lighting fixtures and have a designated space for a washer-dryer.
Replace The Flooring In Your LA County Rental
Low-quality flooring can be off-putting for potential tenants and may lead them to choose another property over yours. However, floorings also undergo significant wear and tear due to everyday use.
Even though floorings are generally durable, their lifespan depends on the type of materials and their quality. Also, repairing them regularly can be expensive. We, therefore, recommend replacing the flooring with vinyl plank or tiles that are available in different looks. These options are durable, aesthetically pleasing, waterproof, and cost-effective.
The above suggestions and advice are the way to succeed in the rental business. However, you can also add other renovation ideas to make your property more desirable to potential tenants. As a LA County landlord, it can be challenging to find all the areas of improvement in your rental and conduct renovations accordingly.
An experienced LA County property manager can suggest multiple tweaks and minor changes to your property that can be financially beneficial in the long run.
Our property managers at Bell Properties have been operational in Los Angeles for over ten years and are up-to-date on the current changes and trends in the local rental market. We have a wide network of trusted vendors, builders, and other professionals that can help you renovate your house in a cost-effective manner.
If you are someone who is looking to generate enough returns from your LA County rental property, reach out to us at Bell Properties.