Owning a second home that you use as a rental property and is a great investment. Over time, your goal should be to at least maintain the property values – and increase it whenever possible. There are several ways in which you can accomplish this.
Maintain Curb Appeal
When you want to ensure your property values are maintained or increase on a regular basis, curb appeal is a big part of the equation. No one wants to buy (or rent) a home that looks like it has been neglected for years.
Some of the best ways to increase curb appeal include:
- Paint the exterior of the home
- Maintain the landscaping
- Pressure wash the driveway
- Eliminate excess ornamentation (such as garden gnomes, hanging planters, etc.)
Every realtor will tell you the importance of staging when your home is on the market, though it is something that should be maintained all year long.
Make Updates Throughout the Home
All sorts of updates should be done throughout the home. If your home is older and you want to maintain property values, it’s important to understand that it has to compete with a lot of the other homes in the community.
A kitchen renovation is a great place to start because many people look at this room before any other. The flooring, cabinets, and countertops might need a refreshed look. You might also want to add new features, such as a kitchen island, a dishwasher, or even a wine fridge. The more gourmet you make it, the more you can increase the property values.
Bathrooms are another area to update, particularly the master bath. You might want to go with pedestal sinks, a large walk-in shower, and more. You should also consider upgrading the flooring and countertops, especially if they are an outdated material or color.
You can go room by room to explore the various ways to make updates. Consider what other homes throughout Sonoma are doing as a way to get inspiration.
Renovate Every Few Years
Your property will have a higher value when it looks fresh. Home inspectors that are responsible for establishing the value of your home look at everything from top to bottom, room by room. In addition to making updates through the home, you might want to make full renovations.
This could include creating a screened in lanai in the back to enjoy the cool autumn weather. It might also include renovating the bathrooms so that they are more spacious.
If the homes around you are considerably larger than yours, home additions might be necessary. This could add square footage to your home, thus allowing you to charge more. Even adding a door to a room that is otherwise open could count as creating another bedroom.
Get creative on how you can renovate in order to increase property values.
Appliances and other equipment in the home need to be updated as well. This can help to increase the value of your property, especially when it’s on the market and you’re trying to sell it for a considerable profit over what you paid.
If your air conditioning unit is older, then consider replacing it. This should be with an EnergyStar unit that will reduce the cost of heating and cooling on a monthly basis. A digital thermostat should also be in place to provide greater accuracy when setting the temperatures.
You should look at the appliances you have installed through the home. There might be a hot water heater in the garage that could be upgraded to a tankless version. The refrigerator and stove you have in the kitchen could be upgraded to more modern versions with high-end features.
Any upgrades are going to help as people want to buy a property without having to worry about what it’s going to cost for them to modernize it before moving in.
Schedule Regular Home Inspections
Another way to at least maintain property values is to work with a property management company in Sonoma. We assign a property manager to your home in order to conduct inspections on a regular basis.
The inspections ensure that you know what’s going on in the property at all times. This pertains to repairs and maintenance that is needed, any activities taking place inside the home, as well as how the tenants are living.
You don’t want tenants to move out and learn that there has been a drip going on for over a year and it’s resulted in mold and mildew that requires a major renovation. You also don’t want pets inside the home if you have stipulated that it’s a “no pets” property.
Problems are easier to handle when you know about them early on, and that’s why property managers in Sonoma are important to have – especially when you aren’t nearby to check on the property yourself.
Find out more about how you can maintain property values and how a property manager in Sonoma can assist by calling us at Keyrenter Sonoma today.