A storage shed can be a nice add-on feature to a single-family rental property in Harlan Ranch. But still, a storage shed can also be a potential liability. This can be a real challenge to encounter whether adding or removing a storage shed from your rental property is the right thing to do. But realizing all you can about the pros and cons of storage sheds, along with when it should be removed, can make that decision more straightforward.
Just in case your property already has a storage shed or you’re thinking of adding one, here are several things that you should keep in mind. According to appraisal experts, sheds do not add very much to a property’s value. The benefits of having a shed then must come from somewhere else. This is especially true if you are thinking about building or installing a shed on a rental property that doesn’t already have one. Although a basic shed can be relatively affordable, there is the investment cost to consider.
The money you spend on a shed will probably not translate into a higher resale value but may help make your property more attractive to long-term renters. This is especially true if your rental home doesn’t have large closets, storage areas, or a garage. In such cases, a shed may help you attract and retain tenants who are happy to pay a little extra for the convenience of having on-site storage space.
Of course, a storage shed may not hold the same appeal for all tenants in all markets. This is what makes understanding both your local market and your target renter so important. Depending on who you want to lease your rental home to, a shed may hold little to no appeal. For example, an increasing number of renters, even those who want single-family rental homes, are either minimizing their possessions or hiring service companies to help them take care of their homes. In either case, this means that the tenant has fewer personal possessions, and will not want to pay more for a rental home with a shed.
From a property owner’s perspective, having a shed on the property might bring a few unwelcome problems. A storage shed will require maintenance, adding to the time and expense of property upkeep. What is more, tenants may overfill or misuse the shed, leading to structural damage or even an insect or rodent problem. If this happens, your property values could suffer as a result. For this reason, 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 a decision to make lightly. But if your property already has a storage shed, at some point you will need to address whether or not to remove it. Over time, all structures deteriorate. Once a shed has outlived 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 you and your tenants. If any or all of these conditions have developed, failing to remove the shed could result in a lawsuit, should someone get hurt. If you do decide to remove the shed, it is important to follow proper safety procedures or hire a reputable contractor to do it for you.
Deciding to add or remove a shed does take some careful research and planning. But such steps are necessary to ensure that you have made the right decision for you, your tenants, and your investing future.
If you have any further questions about how we can help you with all your Harlan Ranch property management needs, the experts at Real Property Management Platinum are here to help. Contact us online or call us at 559-425-85500 today.
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