Securely planning to upgrade your single-family rental home year in and year out is not just a wise investment strategy but definitely also a financial security measure. Just as rental homes must be regularly maintained, they should moreover be updated to keep them current and competitive in the market, thereby nailing down a steady increase in property value in the long term.
Property values throughout Hazel Green rely strongly on the home’s condition, so investing a little to repair and update things a few times is worth the time and cost involved.
But be informed, not all upgrades confer direct benefits for property owners. In fact, a few enhancements have, without a doubt, distinct advantages for residents but don’t add much to the property’s value or help protect your investment better.
Reasonable upgrades to maintain property value
Putting in new kitchen cabinets in your rental properties may certainly seem like an upgrade that would benefit you and your residents. Your residents will be overjoyed with nice cabinets, and you might speculate that new cabinets would keep your property values swelling up. But in actuality, kitchen cabinets are one upgrade that isn’t worth the cost because any increase in value you might see won’t match up to what you’ve spent on the job.
If the kitchen cabinets in your rental are in literally dismal shape, you should suitably replace them with something new and great. Otherwise, a good cleaning or a coat of paint or stain is all your cabinets need to keep them looking marvelous.
Fancy stylings usually do not add to property value
Another upgrade that has far more benefits for the residents of a rental home than for the owner is high-end window treatments. To effectively customize their space, residents may urge for upgraded blinds, valences, or drapery systems.
But while owners expect residents to make a rental home comfortable, there’s no actual and real benefit to providing any window treatments beyond a few fabulous but essential blinds or shutters. Fancy window treatments don’t add a lot to the overall value of your property and are tied so tenaciously to an individual style that they seldom have massive appeal.
Trendy decorative features may not benefit tenants
Speaking of personal style, other decorative features like custom garage doors, extravagant paint colors, and so on seem like a fitting way to tantalize and attract quality residents. But actually, as with window treatments, the appeal of decorative features is a matter of personality. So as you can see, upgrading beyond good quality, basic doors, windows, and interiors holds low to no benefit for property owners.
Residents may find pleasure in trendy decorative features long ago, but as trends change, so will that desirability. To put up a quality home with lasting appeal, avoid the fickle trends and follow the less exciting but assuredly more tried-and-true décor for rental homes.
Whether you’ve undertaken upgrades or not, rental property maintenance should constantly be a priority to maintain value. At Real Property Management Venture, we keep your Hazel Green investment excellent while establishing good relationships with your residents. For more information with regards to our property management services, please contact us online or at 256-693-5812.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
