Determining to upgrade your single-family rental home every year is not just a wise investment strategy, but likewise a financial security measure. Just as rental homes must be regularly maintained, they should as well be updated to keep them current and competitive in the market, thereby nailing down a steady increase in property value eventually.
Property values throughout Lewisville rely certainly on the home’s condition, so investing a little to refurbish things every once in a while is worth the time and cost involved.
Nonetheless, not all upgrades impart direct benefits for property owners. As it turns out, some common enhancements has unique and clear advantages for residents but doesn’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 look like an upgrade that would benefit you and your residents. Your residents will be ecstatic with top-caliber cabinets, and you might assume that new cabinets would keep your property values growing. But as a matter of fact, kitchen cabinets are one upgrade that isn’t worth the cost because any increase in value you might see won’t be equal to what you’ve spent on the job.
If the kitchen cabinets in your rental are in doubtless dismal shape, you should properly replace them with something nice and functional. Otherwise, a good cleaning or a coat of paint or stain is all your cabinets need to keep them in a marvelous and appealing condition.
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 desire and ask for upgraded blinds, valences, or drapery systems.
But while owners expect residents to make a rental home comfortable, there’s no substantial benefit to providing any window treatments beyond a few good and nice-looking but essential blinds or shutters. Fancy window treatments don’t add a lot to the overall value of your property and are tied so thoroughly to an individual style that they seldom have broad appeal.
Trendy decorative features may not benefit tenants
Speaking of personal style, other decorative features like custom garage doors, fancy paint colors, and so on seem like a great manner to tempt in quality residents. But in actuality, as with window treatments, the appeal of decorative features is a matter of personality. That is precisely why, upgrading beyond good quality, basic doors, windows, and interiors holds less to no benefit for property owners.
Residents may want trendy decorative features for one moment, but as trends change, so will that appeal. To develop a quality home with lasting appeal, avoid the present-day trends and abide by the less exciting but particularly more tried-and-true décor for rental homes.
Whether you’ve done upgrades or not, rental property maintenance should, at all times, be a priority to maintain value. At Real Property Management Pioneer, we hedge your Lewisville investment while setting up incredible relationships with your residents. For more information in relation to our property management services, please contact us online or at 940-435-2526.
Originally Published on September 21, 2018
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