Studies show that more than 33% of Floridians rent the homes they live in. Part of this is because the Sunshine State has a great deal of tourist attractions that can make temporary living situations ideal.
No matter what the reason is, owning an investment property in Jacksonville can be a great financial choice. Real estate investing is a rich market in Florida, meaning you'll have plenty of competition.
If you're curious about how to improve the return on investment of your Jacksonville property, we're here to help. Read on to learn more about how to increase your property's income.
One of the first steps to take is an improvement in energy efficiency. The more efficient your home is, the less your utility bills will cost. You also can use this heightened sustainability as a selling point.
In Florida, a good source of renewable energy is solar panels. Transitioning into 2023, Florida saw a 44% increase in residential solar panels.
Using low-flow plumbing such as faucets and toilets will also help lower your utility bills. The savings will translate directly to a higher return on your investment property.
Performing maintenance can sometimes feel like an expensive endeavor. Replacing failing parts of the home, repainting, or hiring lawn care professionals can seem like strange ways to improve investments.
Maintenance will stop future repairs from being necessary. A home without maintenance can eventually experience severe failures or significant faults. These are not only dangerous but also expensive to fix.
Consider performing annual maintenance before attempting to attract more tenants. You can use the property's well-maintained condition to market at a higher price for a better return.
Renovations and Remodels
Another excellent way to increase your return on investment is to perform renovations. Renovations and remodels are more in-depth than the average maintenance. These also typically increase the value of the home, as they help to make some features more modern.
Property renovations include having the roof done, remodeling the restroom, and more. However, you shouldn't renovate when it isn't necessary, such as when a room is in good condition or needs no improvement. Doing so can waste funds that would be better spent elsewhere, like marketing your real estate listing.
Increase Square Footage
One often overlooked place to make renovations is the square footage of your home. You can improve square footage by adding more structures.
In Jacksonville, building outdoor areas will help with your square footage. Consider making areas like patios, pools, storage sheds, or gardens. Once installed, don't forget to practice maintenance on those areas.
Increasing the Value of Your Investment Property
Increasing the ROI of your Jacksonville investment property is as simple as making a few renovations. Target what areas your home needs the most improvement in and start there.
If you're looking for someone to help manage your property, Northeast Florida Realty is happy to help. As Jacksonville natives, we bring two decades of experience and expertise to property management services. Browse our services to see how we can best help you improve your property.