Ways to Increase Investment Income from Your South Bay Property

Ways to Increase Investment Income from Your South Bay Property

  • Jon Grogan
  • 02/17/22

Upgrade Your South Bay Home

While upgrading any property can be expensive, it’s important when maximizing your investment. Luckily, not all upgrades have to be huge and pricey. Sometimes, just small upgrades and minor updates can increase not only the value of your investment property as a whole but the amount that you may charge for rent as well. However, you have to be smart about which projects you choose to undergo, as some renovations are more desirable than others. 

This means looking into renovations that will have the best return on investment; these are often the ones that potential renters or buyers are looking for. Some upgrades with a huge ROI include those that will improve the kitchen or washroom areas. Other small things, like making sure the plumbing and roofing work well, or other minor aesthetic fixes, like making sure the paint is fresh, will also make your home more attractive to renters. Upgrading the flooring is another, albeit bigger, upgrade, but the work and investment in a high-quality floor that has been installed correctly can get you a great return on your investment. 

All of these high-return renovations on investment can go a long way into increasing your investment income property in South Bay. While investing a little bit into renovations and upgrading might be intimidating at first, knowing which ones are most worth your time and money can bring you more income in the long term. Be sure to look into small updates too; it doesn’t always have to be a huge renovation!

Maintain Your Property — Inside and Out

While you may not be living at this property, others are going to be, and you need to make sure that you’re keeping up with maintenance on a regular basis so that people still want to rent it. This will help you keep your tenants on a longer-term basis, but it can also attract new tenants who are looking for something that is ready to go as is. 

Ongoing maintenance ensures that many of the property’s features are always working and up-to-date. While you don’t necessarily have to do this all by yourself, you should make sure that you know some people you can reach out to for an emergency repair.  You may need help when it comes to repairing appliances or fixing anything that’s broken. 

Some other small things to ensure stay up-to-date and in working condition include things like making sure there are no leaks in pipes, testing all of the smoke alarms, and cleaning the gutters regularly. These are all very important things that need to be checked and maintained on a regular basis because while they each sound small on their own, they can go a long way in terms of getting people to rent your property. Hence, making sure that you can get the top investment income possible from your investment property. 

Ongoing maintenance for your properties is another thing that you can do additional research on the internet on, and figure out who you need to contact in your area to make sure you have someone ready to help with general maintenance needs. For a more comprehensive idea of what you should make sure you’re checking, and how often, there are lists online that are very helpful. If your potential tenants and current tenants understand that you are on top of all of these important things, they will be more likely to rent from you or continue renting from you, as they know the property has been kept up-to-date. 

Maximize Your Space

One of the best ways that you can increase or maximize your investment property income is to make sure you’re making the most out of the space you have. This can really help with advertising and showing off your space to potential renters. This is where staging your property becomes really important. 

You’ll want to make sure you are fully showing off the space you have. This can involve ensuring a room does not have too much furniture in it, decluttering the space, and ensuring the space has good lighting. You can find so many more helpful tips online about how to make your space look bigger and more open. 

Sticking to the topic of maximizing your space, you’ll want to make sure all your property’s best features come across in the photos you take to help advertise your property. Good photos that really show off the space you have can make a huge difference. One of the main things you can do is make sure that you have really good lighting. As a general rule, natural lighting is the best if you have that available to you. If not, you still want to make it look as bright as possible with the lights that you do have, whether it be from lamps or fixtures. When taking pictures, you want to make sure that everything in each room is clean and organized, so this means getting rid of any clutter you may have. 

While staging and taking pictures to show off your home might seem like it's obvious, it can really go a long way in increasing your investment income on your property. People are more likely to pay more for a space that looks bright, clean, and organized, versus a place that looks dark and run-down. 

Allow Pets

While pets can cause a mess every now and then, many people looking to rent do have them. Additionally, there are a lot of places for rent that do not allow pets. By allowing pets, you can charge more for rent for this special amenity, since there are so many people who would benefit. 

Since many places do not allow it — and since people are going to want to bring their pets with them — people are going to be willing to pay slightly more for this on a monthly basis. Having a higher rent price tag can really add up in terms of income in the long term. People are willing to pay more for the things that they care about, and pets are included in this! Many consider their pets to be a part of their family, so they’re not going to want to leave them behind when they move to someplace new. 

You will stand out against other competitors in the area who do not allow tenants to have them while renting. In terms of the concerns many have with pets, there are also many advantages to take into consideration when deciding whether or not you want to allow pets in your rental property. So, if you’re comfortable with potentially a little bit of extra mess that comes with pets, you should definitely consider allowing them to increase your investment income on your property.

Looking for South Bay Property?

If you’re looking for a new property to increase your investment income in South Bay, Jon Grogan and his team can help. If you’re looking for Manhattan Beach, Hermosa Beach, Redondo Beach, Torrance, Palos Verdes Peninsula, El Segundo, Mar Vista, Playa del Rey, or Marina Del Rey real estate, contact Jambi Property Management today. 

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