Encino-Property Management

There’s more to think about than dollars and cents, however. So, before you decide to renovate your property,owners and property managers should consider all of these important factors.

Return on Investment

Think about how much of the cost of your renovation will be returned in terms of resale or rental value. Not all renters are looking for a newly renovated kitchen, for instance. On the other hand, a poorly decorated or outdated kitchen is probably going to turn most renters off. Ugly and old cabinets, or chipped and cheap counters are a big turnoff. You don’t have to remodel the entire kitchen. Consider doing minor repairs and fix just badly needed issues. According to 2013 national averages, a minor kitchen remodel returned more than 75% in value, while a major remodel returned only 59%.

Hidden Costs of Renovation

There’s always additional costs in every remodeling project, even smaller ones. After calculating in all the possible expenses of your remodeling project always add an additional 10-20% depending on the estimate of the project. This provides a much more accurate picture of the true cost of renovation.

Don’t forget to include costs for new tools you may need to buy, gas to drive to pick things up, and additional parts, attachments, batteries, and other things you’ll need. A painting project, for instance, also requires a tarp, painter’s tape, and plenty of rollers, brushes, and paint can openers.

Find the Right Man for the Job

Finding the right contractor is key to the success of any renovation project where you are not doing the work yourself. Perform a diligent, in-depth contractor search before you even start searching for financing. All owners and managers should always check references, reviews, and compare price quotes from as many contractors as possible.

Compare apples to apples as well. Many roofing contractors will not include flashing installation or vents, some will use 10-year shingles instead of 20-year, and others use cheaper materials to lower the price.

Play the Market Wisely

Many investors will buy an old home and add lots of updates, only to find the price does not improve at all. If the home is in a undesirable area, or all the other homes in the area are run down, installing granite counter tops is not going to boost the value much at all.

Banks still rely on property appraisals to find a value for the home. These appraisals are based on the sale prices of similar homes in the area. Condos are valued based on similar units recently sold in the same building. If these sale values are low, even with new counter tops, your buyer will not be approved to finance the home and you won’t close the deal.

by Trevor Henson

Since 1946 the Carnahan name has had a reputation for honest and ethical Real Estate Property Management services in the San Fernando Valley, Santa Clarita Valley, Burbank/Glendale, Los Angeles, Westside and Conejo Valley areas.

The reason for our success is helping owners like you when they need it. Below is a partial list of property management services we provide to help you protect your real estate investment.

• Tenant placement
• Tenant screening (including: credit check, landlord and employment verification, social security trace report, California eviction check and criminal check)
• Regular property inspections
• Accounting and landlord bill payment
• Monthly financial reporting
• Maintenance service and supervision (we use only proven independent vendors)
• Collections
• Evictions
• We supply all the necessary forms to meet California’s Landlord/Tenant laws
• 24 hour emergency phone service
• Advertising to the broadest tenant base possible

Call or e-mail us today for more information. We’re ready to get started!

• Carnahan Property Management services Woodland Hills,West Hills, Calabasas, Canoga Park, Tarzana, Reseda, Topanga, Encino, Northridge, Van Nuys,North Hills,Chatsworth, Sherman Oaks, Studio City, North Hollywood, West Hollywood, San Fernando Valley, Granada Hills, Mission Hills, Simi Valley, West Lake Village, Agoura,Toluca Lake, Valley Village, Burbank. Call us at (818) 884-1500 and check if we can service your area.