Properly planning to upgrade your single-family rental home year in and year out is not just a wise investment strategy, but particularly a financial security measure. Just as rental homes must be regularly maintained, they should further be updated to keep them current and competitive in the market, thereby making sure of a steady increase in property value over the long haul.
Property values throughout Roanoke rely undoubtedly on the home’s condition, so investing a little to fix things often is worth the time and cost involved.
Except, not all upgrades bring direct benefits for property owners. As a matter of fact, some enhancements have exceptional 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
Putting up new kitchen cabinets in your rental properties may actually seem to be an upgrade that would benefit you and your residents. Your residents will be joyful with the best cabinets, and you might think that new cabinets would keep your property values soaring higher. But actually, kitchen cabinets are one upgrade that isn’t worth the cost because any increase in value you might see won’t correspond to what you’ve spent on the job.
If the kitchen cabinets in your rental are in plainly dismal shape, you should precisely replace them with something tip-top. Otherwise, a good cleaning or a coat of paint or stain is all your cabinets need to keep them superb-looking and useful.
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 need and request for upgraded blinds, valences, or drapery systems.
But while owners expect residents to make a rental home comfortable, there’s no valid benefit to providing any window treatments beyond some high-quality but essential blinds or shutters. Fancy window treatments don’t add a lot to the overall value of your property and are tied so clearly to an individual style that they scarcely have far-reaching appeal.
Trendy decorative features may not benefit tenants
Speaking of personal style, other decorative features like custom garage doors, chic paint colors, and so on seem like a keen way to bring in quality residents. Except as with window treatments, the appeal of decorative features is a matter of personality. Hence, upgrading beyond good quality, basic doors, windows, and interiors holds rather few to no benefit for property owners.
Residents may take pleasure in trendy decorative features for a time, but as trends change, so will that magnetism. To bring about a quality home with lasting appeal, avoid the contemporary trends and be guided by the less exciting but thoroughly more tried-and-true décor for rental homes.
Whether you’ve settled upgrades or not, rental property maintenance should frequently be a priority to maintain value. At Real Property Management Colonial, we maintain your Roanoke investment while establishing good relationships with your residents. For more information referring to our property management services, please contact us online or at 540-595-7411.
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.
