A storage shed can be a nice extra feature to a Hermitage single-family rental property. Nevertheless, a storage shed can also be a potential liability. This can make it a real challenge to know whether adding or removing a storage shed from your rental property is the right thing to do. Learning all you can about the pros and cons of storage sheds and if they should be eliminated can make that assessment easier.
What Value Does a Shed Offer?
Whether your property already has a storage shed or you’re contemplating adding one, here are quite a few things you have to keep in mind. According to appraisal experts, sheds do not add very much to a property’s value. The benefits of having a shed come from somewhere else. This is particularly important to understand if you are thinking about building or installing a shed on a rental property that doesn’t already have one. Even if a basic shed can be quite affordable, there is an investment cost to consider.
In addition, there are other pros and cons that you should think about before making your decision.
Pros: Attract New Tenants
The money you spend on a shed may not result in the desired higher resale value but may help make your property more attractive to long-term renters. This is especially true if your rental home doesn’t have large closets, storage areas, or a garage. In such cases, a shed may help you attract and retain tenants who are willing to pay a small amount extra for the convenience of having on-site storage space.
One more potential edge to having a shed on your property is the possibility for your tenant to use it as additional space. The trends of a “she-shed” or “man-cave” have been common for a while and don’t seem to be going anywhere anytime soon. There are several options for using a small space separate from the home, such as hobbies that aren’t suitable for indoors. If your tenants enjoy woodworking or other messy projects, this may be a cost-effective way to attract new, higher-paying tenants to your rental.
Cons: Potential Headaches
Of course, a storage shed may not appeal to all tenants in all markets. This makes knowing your local market and your target renter so important. For example, an increasing number of renters, even those who want single-family rental homes, are either minimizing their possessions or hiring service companies to help them take care of their homes. In either case, the tenant has fewer personal possessions and will not want to pay more for a rental home with a shed.
From a Hermitage property manager’s perspective, having a shed on the property might also bring a few unwelcome problems. A storage shed will require maintenance, adding to the time and expense of property upkeep. Furthermore, tenants may overfill or misuse the shed, leading to structural damage or even an insect or rodent problem. If this happens, your property values could suffer as a result. For this reason, some property owners may find removing an existing shed, even one in good condition, to be the best option.
So…Keep or Build a Shed – Or Not?
Keeping or removing a shed is not a decision to make lightly. But if your property already has a storage shed, you will need to address whether or not to remove it at some point. Over time, all structures weaken. Once a shed has outlived its useful life, it may become both an eyesore and a liability issue. Sagging roofs, warped doors, insect damage, and rust can all turn a shed into a safety hazard for you and your tenants. If any or all of these conditions have developed, failing to remove the shed could result in a lawsuit should someone get hurt. If you do decide to remove the shed, it is important to follow proper safety procedures or hire a reputable contractor to do it for you.
Choosing to add or remove a shed requires careful research and planning. But such steps are necessary to ensure that you have made the right decision for you, your tenants, and your investing future.
Real Property Management Investor’s Choice is here to help investors with tricky questions like what to do with a shed on your investment property. We can advise you on everything from maintenance to tenant relations. To learn more about what we can do for you and your investments, call us at 615-810-9578 or contact us online.
If you’d like to continue researching maintenance and repair tips for your rental property, check out these blogs:
- Tips and Tricks for Interior Painting
- Protect Your Air Conditioner from the Intense Summer Heat
- Are Your Hearne Residents Damaging Your Kitchen?
- Why Does the Age of Your Temple Rental’s Exterior Matter?
- The Secret to Reducing Wear and Tear on Your Woodway Rental Property
- The Importance of Roof Repairs for Your Marlin Rental Property
- Your Summer Checklist for Affordable Waco Rental Property Repairs
Originally published on December 27, 2019
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.