For a maximum return on investment, make sure you are planning the right upgrades to your single-family rental homes. And by planning, make sure that yours would be a good pay off and not a waste of your money. Rental homes ought to be updated every now and then, just as they need to be regularly maintained. Keeping them current and competitive in the market ought to be at the top of your list as property values throughout Yorktown rely heavily on the condition of the home. Setting aside a little amount to upgrade things won’t hurt.
Just make sure not to stretch it with the upgrades. The truth is upgrading seldom gives direct benefits for property owners. More often than not, these upgrades have several advantages for the residents but don’t contribute much to the value of the property or help you protect your investment any better.
Take this scenario for instance-installing new kitchen cabinets. You could be thinking that this is an upgrade that would benefit both you and your residents, but the reality is, your residents will most likely be happy with the quality cabinets, except for you, any increase in value of the property after the upgrade probably won’t amount to the cost and time spent on it. Ponder on thorough cleaning of the kitchen cabinets or maybe a coat of paint or stain first as this may be all your cabinets need to keep them nice. On the other hand, if the kitchen cabinets in your rental are positively in dismal shape, then you definitely should replace them with something better.
One other common upgrade that benefits the residents of a rental home more than the owner is high-end window treatments. These upgraded blinds, valences, or drapery systems that residents frequently ask to customize their space is honestly just fancy window treatments and nothing more. Of course, owners expect residents to make the rental home comfortable. However, basic blinds or shutters do the job already. Adding more won’t improve the overall value of your property plus these upgrades are tied so strongly to an individual’s style and don’t have much broad appeal.
Speaking of personal style, other decorative features like custom garage doors, trendy paint colors, and so on might seem like a reliable way to entice quality residents. As with window treatments, the appeal of decorative features is a matter of personality. For this reason, upgrading past good quality, basic doors, windows, and interiors carries little to no benefit toward property owners.
Residents may enjoy modern decorative features for a while, but as trends change, so too will that appeal. To create a quality rental home with lasting appeal, avoid the latest trends and stick to the tried-and-tested décor common to rental homes.
Whether you’ve made upgrades or not, rental property maintenance should always be a priority to maintain value. Real Property Management VA Peninsula is committed 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 757-251-9188.
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.