Deciding to upgrade your single-family rental home per annum is not just a wise investment strategy, but a financial security measure as well. Just as rental homes must be regularly maintained, they should indeed be updated to keep them current and competitive in the market, thereby guaranteeing a steady increase in property value as time flows.
Property values throughout Yorktown rely greatly on the home’s condition, so investing a little to enhance things occasionally is worth the time and cost involved.
With that said, not all upgrades present direct benefits for property owners. As a matter of fact, a handful of enhancements have evident 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
Attaching new kitchen cabinets in your rental properties may appear like an upgrade that would benefit you and your residents. Your residents will be greatly happy with excellent cabinets, and you might imagine that new cabinets would keep your property values growing. But really, kitchen cabinets are one upgrade that isn’t worth the cost because any increase in value you might see won’t match what you’ve spent on the job.
If the kitchen cabinets in your rental are in absolutely dismal shape, you should exactly replace them with something good. Otherwise, a good cleaning or a coat of paint or stain is all your cabinets need to keep them looking 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 entreat upgraded blinds, valences, or drapery systems.
But in fact, while owners expect residents to make a rental home comfortable, there’s no genuine benefit to providing any window treatments beyond a few nice but essential blinds or shutters. Fancy window treatments don’t add a lot to the overall value of your property and are tied so inevitably to an individual style that they very rarely have universal appeal.
Trendy decorative features may not benefit tenants
Speaking of personal style, other decorative features like custom garage doors, stylish paint colors, and so on seem like a wonderful way to allure quality residents. But in actuality, as with window treatments, the appeal of decorative features is a matter of personality. Thus, upgrading beyond good quality, basic doors, windows, and interiors holds little to no benefit for property owners.
Residents may relish trendy decorative features for quite some time, but as trends change, so will that desirability. To bring on a quality home with lasting appeal, avoid the latest trends and implement the less exciting but certainly more tried-and-true décor for rental homes.
Whether you’ve performed upgrades or not, rental property maintenance should often be a priority to maintain value. At Real Property Management VA Peninsula, we preserve your Yorktown investment while bringing about solid relationships with your residents. For more information in connection with our property management services, please contact us online or call us directly at 757-251-9188.
Originally Published on September 21, 2018
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