What Are the Most Cost-Effective Renovations to Make to Your Rental Property?

By GoldenWest Management

Are you planning on renovating your rental property in 2018? If so, like most owners you probably want to choose the most cost-effective renovations, correct?

In this article, we will break down which renovations you should choose for your rental property.

Painter and decorator work table with house project, color swatches, painting roller and paint brushes

Freshen Up the Paint

It doesn’t matter if you own a single-family home, condo, or town home, one of the most cost-effective renovations that you can make to your rental property is to update the paint.

When choosing new paint, it’s best to specifically choose neutral colors because sticking with a neutral color palate will resonate with a wider group of potential tenants compared to painting each room in your rental your favorite colors.

Thankfully, just about everyone can paint a house so you can keep your costs low by painting your rental property yourself. GWM recommend you use a professional for warranty purposes.

New oak parquet of different colors
Choose New Flooring

With more people preferring hardwood floors over carpeting and vinyl flooring these days you should consider changing the flooring in your rental property to all wood flooring.

Wood flooring has a classic look that never goes out of style, it’s also durable and very easy to clean for any tenant, especially those tenants who have small children or pets.

Engineering hardwood is also cost effective and it’s possible to buy flooring for as little as $1.59 / sqft. GWM recommend you use a professional for warranty purposes.

3D rendering of a modern light colored kitchen

Improve Kitchens and Bathrooms

Since kitchens and bathrooms are two areas where everyone spends the most time you should focus on renovating these two areas of your rental property.

In both the kitchen and bathroom, you should focus on refinishing or repainting cabinetry, replacing old sinks and faucets and adding new knobs and handles to completely update the look of both rooms.

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To learn more about which renovations you should make to your rental property or to learn more about our property management services contact us today (866) 545-5303 or click here.

Advanced Tenant Screening – Tips You Should Follow

By GoldenWest Management

SAN DIEGO, CA. – Are you searching for advanced tenant screening techniques? If so, you’ve come to the right place.

In this article, we will share with you several tenant screening techniques that you can start using today to find higher quality tenants to live in your rental properties.

Young couple moving in new place

Make Sure Your Tenant Meets Your Application Requirements

After getting the rental application back from your tenants you should check their application to make sure that their application meets all of your requirements including the following:

Photo ID – Their application must have a current photo ID.

Credit – The prospective tenant must have a credit score with seasoned trade lines (3 or more) and more than 2 years history per reported item.

Verification of Income – This should include pay stubs which show that the potential tenant makes 2.5 x Rent.

Bank statements – Should show that the application has at least six months of reserves.

Rental Verification – Must be a written statement from previous landlord or ideally a professional property management company.

Legal – They must have no evictions.

Background check – You must check their background for a criminal record via HUD guidelines.

New apartment building in suburban area

Did They Complete the Application?

After doing all of the above you should next check your tenant’s application to make sure that they filled it out completely and signed the application.

This step is important because a prospective tenant who fails to fill out their rental application may be hiding something and this could lead to you evicting them due to the information they left out on their application.

Young man with glasses working on his notebook, with a fresh cup of coffee nice and early in the morning, getting the business out of the way nice and early in the day

Contact Two of The Prospective Tenants Previous Landlords –RENTAL VERIFICATION

Instead of calling their current landlord, you should contact at least two of your tenant’s previous landlords.

A tenant’s current landlord may give them a “glowing” review (especially if they are eager to get rid of them) while their former landlord may offer you the real truth about who the prospective tenant really is.

Street of residential houses

Verify, Verify, Verify

Last of all, but most important, always verify all references that a tenant gives you.

From their personal references to income sources, it’s possible for someone to create fake references and you will only know if they are legitimate or not until you actually call to confirm and verify them.

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For property management in San Diego, Phoenix or Las Vegas contact Goldenwest Management today by calling us at (866) 545-5303 or click here.