Renovation ROI: Top Upgrades That Increase Rental Property Value in Westchester, CA

Let’s make some upgrades and updates that will increase the rental value of your Westchester, CA property. 

Landlords and investors who hesitate to do this are usually worried about the cost of those upgrades. That’s understandable. However, you have to keep your property attractive to tenants and competitive on the market in order to maintain profitability and increase earnings. No one will rent a deteriorating home. No one will agree to a rental increase when new paint is desperately needed, or the floors are in terrible shape.

Here are some of the top upgrades that are most likely to increase rental property values in Westchester, CA and the surrounding areas. As local property management experts, we know what tenants are looking for and what they’re willing to pay more for.

ROI Benefits of Renovating Your Westchester, CA Investment Property

Investing in rental property renovations is important and necessary in terms of value and tenant placement. A well-maintained rental property always performs better, regardless of how the market is performing. You’ll find better tenants and earn more money. 

If you’re not sure these upgrades and renovations are worth the time and resources required, consider some of these benefits to keeping your property updated. 

• Recently renovated Westchester, CA rental properties will always earn more rent than those that could use some work. Upgrades make sense when it comes to establishing your rental value. You can earn more on a home with new flooring than on one with old carpet. You can also attract better tenants with energy-efficient, stainless appliances than you can with those outdated refrigerators and dishwashers from decades ago.

• Higher-quality tenants are attracted to recently renovated properties. Tenants with stable and verifiable income, good credit, and positive rental references will always prefer modern, improved properties. This helps in reducing vacancy and turnover, too.

• Increase your ROI with regular improvements and upgrades. Renovations make sense for your current rental income. They also make sense for long-term ROI. At some point in the future, whether it’s next year or 15 years from now, you’ll likely sell that property. Keeping the property up to date with design trends and finishes will drive up the ultimate sales price, helping with earnings.  

• Upgrades can be cost-effective. There’s no need to rehab the entire property unless it’s reached a point of serious distress. Investing $50,000 for an extra $50 in rent per month doesn’t make much sense. But, spending a couple hundred dollars on fixtures and paint to earn the same extra $50 is a great idea. Choose upgrades and updates that don’t cost a lot but will reap a lot of rewards. 

• Renovations contribute to important preventative maintenance goals. Preventative maintenance needs to be a part of protecting the condition of any profitable investment. Don’t let small problems turn into expensive repairs. Preventative maintenance needs tend to show up when an owner or a property manager is improving properties. It’s easier to see what needs to be fixed, and it’s much easier to plan for future repairs so there are fewer emergencies and unexpected costs.

Upgrades and improvements matter. They’ll earn you more money, and they’ll even protect the condition of your investment property. 

Paint Upgrades and Westchester, CA ROI 

An easy starting point is the walls. Higher rental values and better ROI can be found when walls have durable, high-quality paint that’s in good condition. Don’t leave chipped or scratched paint, and take down anything dated, like wallpaper or paneling. The walls should look sturdy, clean, and modern. They should be well-insulated and painted in neutral colors. 

Paint is cost-effective compared to other types of improvements, but it still requires an investment. Buy good paint instead of the cheapest option that’s out there, and paint the entire walls. Those touch-up jobs tend to look messy. With freshly painted walls, you’ll absolutely improve the value of the investment property. When walls are looking worn and faded, it’s definitely time for some improvements. 

Remember that there’s more to painting than just the walls. A fresh coat of paint on your baseboards and door frames will make the rental home appear refreshed and clean. You could whitewash a brick fireplace or put new paint on the ceilings if they’re looking dingy or stained. Don’t forget the property’s exterior. Most homes and buildings don’t need to be re-painted frequently, but if it’s been 20 years since your property saw new paint, it’s something to consider and would be attention-grabbing as you’re marketing the home to tenants.

Renovate the Kitchen and Its Appliances 

Kitchens are perhaps the most important rooms in any home, especially when it comes to how a property is valued. Kitchens can look pretty depressing when they’re aging. Don’t let those cabinets fade or the drawers begin to stick. If you’re going to focus your renovations on one particular place, choose the kitchen. Upgraded faucets and hardware will make a big difference. Neutral cabinets are attractive and energy-efficient appliances that match each other, which is a great idea. 

Consider a backsplash against the kitchen wall near the stove or sink. It looks modern, tasteful, and expensive - even if it’s not. You don’t have to use marble tiles, but something like plain white tiles or glass will not only improve the look of your kitchen - it will also protect your walls. 

Flooring Improvements that Impact ROI

Carpet can easily get old, torn, worn, and stained. It’s still pretty standard in a lot of Westchester, CA rental homes. If you’re committed to carpet, there are several inexpensive carpet grades that can be easily installed and cleaned during turnover periods. However, to make an improvement that impacts ROI, consider abandoning the carpet for hard surface flooring. This delivers a lot of value to both tenants and rental property owners. Better floors are attractive to good tenants. In the bedrooms, a better carpet grade is a great idea. In the common areas like living rooms, consider hard floors. 

Hardwood floors would be great, but they’re also pricey. Take a look at laminates and faux woods. Even some types of vinyl look great and don’t cost a lot. These floors will increase your earnings because they’re cleaner and easier for tenants to maintain. You’ll also have a longer lifespan, which means you won’t be cleaning and replacing carpet every year. Hard surface flooring is also healthier; tenants with allergies won’t have to worry about all the dust, dirt, dander, and other allergens that are easily trapped in carpet fibers.

Lighting Upgrades Can Brighten ROI

Lighting plays a larger role in the appeal of a rental home than you may realize. It impacts ROI, too. When you can establish a welcoming and attractive rental property, tenants will notice. Rents will go up. 

Energy efficiency is an important part of upgrading your lights. Tenants are more aware than ever of what they’re paying in electric bills. They’re also more interested in environmental sustainability. So, consider choices such as:

• LED light bulbs, which are greener and likely to keep energy costs down. Tenants will appreciate this, and you’ll save money when you’re paying for utilities during turnovers and other periods. 

• Bright, ample exterior lights. Residents want to feel safe at night, so be sure exterior doors, walkways, and parking areas are well-lit and easy to see from the street or inside the property. 

• Motion lights are popular and can help tenants feel more secure. Plenty of apps and smart home technology tools are also available to set automatic lights and dimmers. 

• Focus on lighting in kitchens and bathrooms, where tenants will want bright, modern lighting. 

• Consider ceiling fans with lights, especially in bedrooms.

Take a good look at your lighting and make upgrades wherever you can. It doesn’t have to be expensive, but a few improvements in lights can make a rental property look good. 

Landscaping and Curb Appeal for Westchester, CA Rental Homes

To provide a welcoming and inviting atmosphere at your rental property, it’s important to provide landscaping that looks clean and easy to maintain. Whether you’re renting out a single-family home or a condo, townhouse, or unit in a multi-family building, you want the outside of your property to look great. When tenants see a pretty exterior, they can really get excited about living there. This type of curb appeal can also translate to higher rents and better home values over the long term. 

Keep the lawn and any green space mowed and pretty. Trim the trees and weed the flower beds. Make sure there aren’t any branches dangerously close to the roof or the windows. Investing in things like fresh paint on the front door, power washing outside the home, and even details like a new mailbox, bright flowers, and a welcoming doormat will not cost a lot and will deliver big returns. 

These are the best renovations we can recommend for most Westchester, CA rental properties. We’d be happy to give you a more nuanced list of recommendations based on your own investment. Please contact us at Fostr Property Management. We serve owners and their properties in communities such as Westchester, CA, Westchester, Playa Del Rey, and surrounding areas.