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Have you Considered Big Projects that Could Increase Your Rental Amount?

Dustin Edwards • Oct 19, 2022

Big Projects Can Increase Your Rental Amount

Are looking to increase your rental amount but aren't sure what options you have in order to make this possible?


There are a few minor options to consider such as including more amenities or upgrading core systems of the Long Beach rental property. If you have the resources however, there are larger projects that can increase the rental amount. Property owners should still do the math to understand what the break-even point is.


Consider the following projects when looking to increase your rent.


ADU

An accessory dwelling unit (ADU) is typically a smaller independent residential unit located on the same property as the main home, usually a single family home. Many new landlords may not be aware that ADUs are an option to build, and if you have a large lot with a small home the additional dwelling can be an excellent investment.


ADUs provide a second home that can be rented out, and unlike having a
traditional duplex an ADU is usually detached from the main home therefore no walls are shared, giving tenants in both homes privacy. 


Other than having more passive income, an ADU increases your property value as many homeowners are willing to pay more for properties with ADUs because they provide more flexibility, lower monthly living expenses and ofcourse privacy. An additional bonus of ADUs in single family homes is the possibility of living in one home while you rent the other.


Adding Office Space

Many young tenants are looking for rentals that grasp the work from home concept. This can be achieved in a number of ways. A Junior ADU (JADU) can be built as a dedicated office space, or an existing room can be converted into an office by adding more light, power and network support to the room.


A JADU differs from a normal ADU mainly by size and location. A JADU is no more than 500 square feet and must be within an existing or proposed single-family home or access structure like an attached garage.


Although converting an existing room into an office  in your rental may not be as expensive as other projects mentioned, it can put your rental in front of more people. Widening the potential market for your rental home. When converting an existing room into an office, lighting is key. Both natural light from windows or skylights as well as bright conventional lights with dimmable capabilities. Other features like an abundance of power outlets and network ports should be considered.


Expanding the Living Space

Taking a 3 bedroom 1 bathroom and adding an additional bathroom will increase property value and be more appealing to more tenants. Depending on location, size, design and the age of your property an additional bathroom may require an investment of $22,000 on average. 


A 3 bedroom single family home is typically rented by couples with growing families, the addition of a second bathroom gives your tenants a sense of comfort. With many tenants working from home, bathrooms become a commodity especially if they have children. When tenants are happy, they’ll want to stay living in your property for longer.


One of the largest projects that could increase your rental amount is adding more living space. This can be achieved when adding square footage to the building, from foundation to roof. More living space such as adding a bedroom will allow a property to be rented for more. An additional benefit is if you ever decide to sell the property, the additional living space will reflect on the value of the property.

 

If you’re looking to increase your rental amount and have a big project in mind and need help getting started feel free to call us at (562) 888-0247 or feel free to fill out our free rental analysis to see what your rental could yield today.

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By Dustin Edwards 01 May, 2024
Everyone wants to feel safe in their homes. As an investment property owner, it's up to you to decide whether or not to include security measures in your property. Many of the costs associated with the security measures can be included in the rent, meaning not only can you keep your property safe, but you can earn more income in the long run. However, you would still want your tenants to have renters insurance to protect their assets. Today, we’ll discuss the top five security measures you can add to your property and why they're beneficial to you and your tenant. Security Cameras Cameras are probably one of the first security measures people think about when asked about security. Cameras provide more benefits than just surveillance. They provide an extra level of security for the safety of the tenants and their belongings. Additionally, security cameras can be useful when repairs are required. Cameras can aid in supervising repairs and maintenance to ensure you’re receiving the agreed-upon work. During vacancies when the property is empty, security cameras can help keep the property safe from potential intruders. Doorbell cameras are incredibly popular now. They provide the aforementioned safety of a camera that can be accessed remotely, as well as the ability to communicate with visitors. Although one must be careful never to say you're not home, just say you're unavailable to strangers. Security Lights Security lights with motion detectors are another effective tool when adding security measures to your property. These lights brightly if a potential intruder attempts to get near your home. They can provide enough illumination to see the intruder or, at the very least, scare them off. Nowadays, you can find a combination of security cameras and motion-activated security lights, such as the floodlight cam wired plus from Ring . Additionally, because these lights only turn on when motion is detected, they’re more cost-effective than traditional lights with a switch. Illuminate the Property Light generally deters intruders as it's more difficult to hide. Adding lighting to the landscaping can increase the security of the property while creating a relaxing atmosphere. Lights can also be used in other areas of the property to accent features such as trees, benches, or artwork. This can help your property stand out while giving your tenants an additional feeling of safety. Keyless Entry Keyless entry is seen as both a convenience feature and a security feature. They usually use an electronic passcode, biometric data, or grant access through a smartphone app. Physical keys can be lost, stolen, or duplicated. You reduce the risk of unauthorized entry by eliminating the need for a physical key to enter the property. Many keyless entry systems include several features, such as remote locking and monitoring. Although keyless entry is a great new technology for keeping your tenants and properties safe, they’re best used with other security systems. Security Company Nothing beats having an extra pair of eyes on your property for security. This is where security companies like ADT and SimpliSafe come in. While companies may deal with security in varying ways, they aim to protect your investment. While safety is the primary role of a security company, remember that many tenants may be willing to pay more for a premium amenity like a home security company. Keeping your property and tenants safe is incredibly important to the longevity of an investment property. If you’re looking to improve the security of your Long Beach rental property or need help managing your beach city rental property, we invite you to call us today at (562) 888-0247 or fill out our Owner Application online .
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