Deciding to upgrade your single-family rental home each year is not just a wise investment strategy but, in essence, also a financial security measure. Just as rental homes must be regularly maintained, they should secondly be updated to keep them current and competitive in the market, thereby securing a steady increase in property value through time.
Property values throughout Hendersonville rely so much on the home’s condition, so investing a little to update things every so often is worth the time and cost involved.
That being said, not all upgrades bestow direct benefits for property owners. Indeed, a large number of enhancements have clear 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 up new kitchen cabinets in your rental properties may sound like an upgrade that would benefit you and your residents. Your residents will be delighted with fine cabinets, and you might suppose that new cabinets would keep your property values soaring. But in reality, kitchen cabinets are one upgrade that isn’t worth the cost because any increase in value you might see won’t be even with what you’ve spent on the job.
If the kitchen cabinets in your rental are in, certainly, dismal shape, you should explicitly replace them with something mint. Otherwise, a good cleaning or a coat of paint or stain is all your cabinets need to keep them decent and nice.
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 customize their space, residents may beseech for upgraded blinds, valences, or drapery systems.
But while owners expect residents to make a rental home comfortable, there’s no authentic benefit to providing any window treatments beyond a number of appropriate but essential blinds or shutters. Fancy window treatments don’t add a lot to the overall value of your property and are tied so closely to an individual style that they oftentimes have no overall appeal.
Trendy decorative features may not benefit tenants
Speaking of personal style, other decorative features like custom garage doors, luxurious paint colors, and so on seem like the right direction to appeal to quality residents. However, as with window treatments, the appeal of decorative features is a matter of personality. Consequently, upgrading beyond good quality, basic doors, windows, and interiors holds little to no benefit for property owners.
Residents may fancy trendy decorative features for a moment, but as trends change, so will that drawing power. To make a quality home with lasting appeal, avoid the recent trends and adhere to the less exciting but undoubtedly more tried-and-true décor for rental homes.
Whether you’ve conducted upgrades or not, rental property maintenance should, each time, be a priority to maintain value. At Real Property Management Investor’s Choice, we safeguard your Hendersonville investment while creating outstanding relationships with your residents. For more information regarding our property management services, please contact us online or call us directly at 615-810-9578.
Originally Published on September 21, 2018
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