According to an article published in the San Diego Union-Tribune in late 2017, it takes about a month for a downtown property valued under a million dollars to get to the closing table. This is indicative of the seller’s market expected to prevail for most of 2018. These prolonged market conditions are prompting real estate analysts to forecast a lucrative shift toward buying condos in downtown San Diego and renting them out. If you are planning on renting your condo in 2018, here are five renovation ideas to entice tenants and justify higher monthly payments.
1. Smart Home Automation
Wealthier tenants looking to move into upscale urban areas are very likely to be tech-savvy individuals, particularly if they are younger. If your condo unit lacks smart home automation, there are various options you can add. The costliest investment would be a smart refrigerator, while the most frugal would be smart bulbs. You may want to start with a smart hub such as a Google Home speaker so you can easily add new devices to the network.
2. Colorful Bathroom
If your unit has two bedrooms with two full bathrooms, you may want to completely remodel the smaller bathroom and make it colorful so it can be easily decorated for younger tenants. This renovation may motivate families to sign or extend 12-month contracts.
3. Updated Walls and Flooring
These two elements of your condo must be in good condition before the unit can be occupied. Throwing a single application of white paint on the walls and shampooing the carpets will not justify higher rental payments. Instead, consider applying a colorful paint scheme and installing laminate flooring that resembles natural stone or wood surfaces.
4. Designer Kitchen
Even prospective tenants who are not home chefs or fans of the Food Network will likely appreciate an updated kitchen that is easy on the eyes and comfortable to be in. Quite a few modern condos in Cortez Hill San Diego and other downtown districts feature completely remodeled kitchens with comfortable breakfast bars or nooks, large refrigerators, efficient dishwashers with garbage disposal systems, modern microwave ovens, and plenty of space for entertaining. Prospective renters with young families will pay close attention to your kitchen.
5. Full Condo Makeover
Older units in districts such as the Gaslamp Quarter may appeal to wealthier tenants, but they will have to be sold on the interior of your condo. If the unit has not been renovated since the 1970s, a good idea would be to upgrade the entire space with a retro look. A popular modern interior decoration style is the rustic look, which typically involves an inexpensive renovation.
Whether it’s for condos in Marina or lofts in Core, San Diego real estate owners should consider these and other renovations if they plan to rent out their properties. If you’re looking to purchase property to rent out, get in touch with the reliable agents at 92101 Urban Living, and we can help you find just what you’re looking for. Call 619-649-0368 today.