Property owners planning to make some upgrades to their single-family rental homes are on the right track to making sure their properties are kept current and competitive in the market. Just like how rental homes needed to be kept clean and tidied up on a regular basis, the fact that they need to be updated should not be forgotten. Property values everywhere in Hendersonville depend massively on the state of the home, which is why setting aside a little amount of money intended for the upgrade of things in your rental home from time to time is worth the time and the cost involved.
Not all upgrades provide direct benefits for property owners. Reality is, these upgrades have advantages for the residents but don’t add much to the value of the property or help you protect your investment any better.
For example, installing new kitchen cabinets in your rental properties may also appear like an upgrade that would benefit both you and your residents. Your residents will be glad because of the first-rate cabinets that you have installed, and you would possibly assume that new cabinets would keep your property values going up, but the truth you find later on is that kitchen cabinets are one upgrade that isn’t quite worth the cost. If there would be an improvement in value, you may not even feel it as it won’t even match what you’ve paid for the job. Try cleaning them first, or maybe a fresh coat of paint or stain will help make it look pleasant and inviting. But, if the kitchen cabinets in your rental are in genuinely horrible shape, you should replace them with something better.
One extra upgrade that has far more benefits for the residents of a rental home than for the owner is high-end window treatments. Residents might also ask for upgraded blinds, valences, or drapery systems to personalize their space. But whilst owners anticipate residents to make a rental home comfortable, there’s no actual benefit to providing any window treatments beyond some quality but basic blinds or shutters. Fancy window treatments don’t add a lot to the general value of your property and are tied so strongly to an individual style that they hardly ever have tremendous appeal.
And speaking of individual style, some more decorative features like custom garage doors, trendy paint colors, and so on might sound like a decent way to entice quality residents. But as with window treatments, the appeal of decorative features is a matter of personality. For this reason, upgrading beyond good quality, basic doors, windows, and interiors holds little to no benefit for property owners.
Residents may dig trendy decorative features for a while, but as trends evolve, so too will that appeal. To create a quality rental home with enduring appeal, dodge the latest trends and stick to the less exciting but more tried-and-true décor common to rental homes.
Regardless if you’ve done upgrades or not, rental property maintenance must always be a priority to uphold value. At Real Property Management Investor’s Choice, we remain dedicated to protecting your investment while building great relationships with your residents. For more information about our property management services, please contact us online or call us directly at 615-810-9578.