The Naval Base in San Diego, California is the home to the Pacific Fleet. 26,000 Military, civilian and contract employees call it home.
There is an enormous demand for rental housing in the San Diego area. Here a one bedroom apartment rents for more that $1600.00 a month, and a two bedroom for more than $2000.00. A sophisticated investor like Than Merrill can realize substantial profit from owning and renting properties in the San Diego market.
If you already own rental property in this market you must consider maintenance as the top priority for your investment. Nothing increases the value of your rental property no matter where it is located than the condition of the exterior and interior of the dwelling.
Some investors may consider adding an in ground pool to the property to increase its rental value, as well as the overall value of the property, but experts claim that this investment does not increase the value of the property beyond the actual cost of the construction of the pool, and in a real estate sales market may, actually, limit the number of person who may want to buy the property. It is a similar situation for additions to the existing property. Anytime a permit must be obtained for construction on the property, the property appraiser’s office is notified and an increase in taxes will be in order.
There are two ways to increase the value of the property both as real estate and as a rental property. The first and easiest is with landscaping. Plant a tree, and as it grows its intrinsic value increases adding value and character to the house.
Maintenance is the most important thing any home owner can do to maintain and, over time, increase the value of the property. Consider the devastating effects of a roof leak. The repair is not just limited to the roof area but may effect the roof underlayment, roof rafters, ceiling and wall drywall as well. Proper maintenance and inspection by professionals will provide protection for the home and allow the owner of the property to have peace of mind. Once professional inspection and maintenance becomes a part of the rental investment plan, the owner will have clear skies for sailing toward his destination of financial security.