Establishing plans to upgrade your single-family rental home every year is not just a wise investment strategy, but really a financial security measure. Just as rental homes must be regularly maintained, they should additionally be updated to keep them current and competitive in the market, thereby always making sure of a steady increase in property value over time.
Property values throughout Woodward Park rely fundamentally on the home’s condition, so investing a little to bring things up-to-date periodically is worth the time and cost involved.
Though, take careful note, not all upgrades render direct benefits for property owners. Really, some enhancements have clear advantages for residents but actually don’t add much to the property’s value or help protect your investment better.
Reasonable upgrades to maintain property value
Adding new kitchen cabinets in your rental properties may appear as an upgrade that would benefit you and your residents. Your residents will be satisfied with terrific cabinets, and you might presume that new cabinets would keep your property values skyrocketing. But in fact, kitchen cabinets are one upgrade that isn’t worth the cost because any increase in value you might see won’t level up to what you’ve spent on the job.
If the kitchen cabinets in your rental are in undoubtedly dismal shape, you should characteristically replace them with something new and functional. Otherwise, a good cleaning or a coat of paint or stain is all your cabinets need to keep them exquisitely looking and functional.
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 want and ask you for upgraded blinds, valences, or drapery systems.
But while owners expect residents to make a rental home comfortable, there’s no great benefit to providing any window treatments beyond a handful of fine but essential blinds or shutters. Fancy window treatments don’t add a lot to the overall value of your property and are tied so very closely to an individual style that they typically have no vast appeal.
Trendy decorative features may not benefit tenants
Speaking of personal style, other decorative features like custom garage doors, valuable paint colors, and so on seem like a perfect way to invite quality residents. Then again, as with window treatments, the appeal of decorative features is a matter of personality. Due to this, upgrading beyond good quality, basic doors, windows, and interiors holds inessential to no benefit for property owners.
Residents may delight in trendy decorative features for a long time, but as trends change, so will that attractiveness. To generate a quality home with lasting appeal, avoid the newest trends and pay attention to the less exciting but explicitly more tried-and-true décor for rental homes.
Whether you’ve effected upgrades or not, rental property maintenance should routinely be a priority to maintain value. At Real Property Management Platinum, we keep and maintain your Woodward Park investment while creating excellent relationships with your residents. For more information with respect to our property management services, please contact us online or call us directly at 559-324-9400.
Originally Published on September 21, 2018
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.
