When you want to maximize the returns you earn on your San Jose investment property, the best thing you can do is pay attention to the property's condition. When you preserve the condition of your home, you allow its value to increase and you attract outstanding tenants who are willing to pay high rents. Today, we are sharing three tips for maximizing those returns.
Preventative maintenance helps you earn more on your investment because it ensures small maintenance problems do not become larger, more complex repair issues. Have your major systems inspected once per year so qualified professionals and technicians have the opportunity to notice problems that may be right around the corner. Paying for an air conditioning contractor to inspect and clean your system every year is less expensive than replacing the whole system because you didn't know something was wrong. Inspect your property regularly so you can look for potential problems.
Make sure you're working with qualified, professional vendors who are experts in their field and stand by their work. You want to fix the problem right the first time so you don't have to send someone back in a few weeks or months. Each maintenance visit will cost you more money, and remember that time is money too. Don't waste your resources with quick fixes or temporary patches. Get the work done right, and make sure it's done by a licensed, insured, and professional vendor.
Upgrades and improvements will always make your home more attractive to top tenants, and will go a long way towards increasing your ROI. Just make sure you're making smart upgrades. Don't waste money on things that won't matter. Know the difference between an upgrade that will add value to your property and those that will not matter to tenants or future buyers. For example, removing carpets and installing laminate floors will increase rents and retain tenants. Stainless steel appliances in the kitchen are attractive and cost not much more than standard appliances. Stone countertops look modern and last longer than formica and tile. Make worthwhile improvements that make your property more competitive and require less maintenance in the long run.
If you have any questions about how to increase the returns you earn on your investment property or you'd like to talk more about professional San Jose property management, please contact us at Zell Associates, Inc.