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Should You Add (Or Remove) a Storage Shed from Your Newport News Rental Property?

A Small Storage Shed in the BackyardA storage shed can be a nice add-on feature to a single-family rental property in Newport News. However, a storage shed may be a potential liability. This can cause it to be a real challenge to decide if adding or removing a storage shed from your rental property would be the best idea. Researching everything pertaining to the pros and cons of storage sheds and when it should be removed, can speed up the decision process.

Whether the rental property already has a storage shed or you think it might need one, here are some points to ponder on. In line with appraisal experts, sheds do not add very much to a property’s value. The benefits which come with a shed sometimes can be from somewhere else. This becomes very clear when thinking about building or installing a shed on a rental property that doesn’t already have one. Though a basic shed could be relatively affordable, there is the investment cost to mull over.

Money spent on a shed will probably not translate into a higher resale value; however, a shed helps you entice the longstanding renters, especially if the rental property does not have large closets, storage areas, or a garage. In such cases, a shed helps in keeping tenants who are happy to pay a little extra for the convenience of including an on-site storage space.

Undoubtedly, a storage shed would not get unanimous feedback from all tenants in all markets. This causes understanding both your local market and your target renter essential. A lot of it also rests on the person/s that you contract the rental home to, a shed may hold little to no appeal. For example, an increasing number of renters, along with renters who choose single-family rental homes, are either minimizing their possessions or hiring service companies to help them take care of their homes. Anyway, this proves that the tenant has fewer personal possessions, and will not want to pay more cash for a rental property with am additional rate for a shed.

Another point to keep in mind is that having a shed on the property might bring a few unwelcome problems. A storage shed can and will require maintenance, adding to the time and expense of property upkeep. Once in a while, tenants may overfill or misuse the shed, leading to structural damage or even an insect or rodent problem. If this is the case, your property values could suffer as an outcome. This is why some property owners may find removing an existing shed, even one in good condition, to be the best option.

Keeping or removing a shed is not an easy decision. But if your property already has a storage shed, at some point you will need to address whether or not to remove it. Over the years, all structures deteriorate. Immediately after a shed outlasts 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 anyone, and this includes tenants. If these conditions are already present, failing to remove the shed could result in a lawsuit when someone gets injured. If you do decide to remove the shed, it is important to follow proper safety procedures or hire a reputable contractor to fix it.

Concluding to add or remove a shed demands serious research and understanding. Anyhow, these steps are key to make sure that you have made the correct decision for you, your tenants, and your investing journey.

If you have any relevant questions on how we can assist you with all your Newport News property management needs, the management masters at Real Property Management VA Peninsula are ready to lend a hand. Contact us online or call us up at 757-251-9188 right away.

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