Planning to upgrade your single-family rental home year after year is not just a wise investment strategy, but additionally a financial security measure. Just as rental homes must be regularly maintained, they should equally be updated to keep them current and competitive in the market, thereby warranting a steady increase in property value as time progresses.
Property values throughout Cottage Grove rely unavoidably on the home’s condition, so investing a little to make better things at times is worth the time and cost involved.
Having said that, not all upgrades give direct benefits for property owners. In truth, a number of enhancements have obvious 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
Providing new kitchen cabinets in your rental properties may look like an upgrade that would benefit you and your residents. Your residents will be joyful with great cabinets, and you might consider that new cabinets would keep your property values increasing. But in fact, kitchen cabinets are one upgrade that isn’t worth the cost because any increase in value you might see won’t be equivalent to what you’ve spent on the job.
If the kitchen cabinets in your rental are in actually dismal shape, you should correctly replace them with something excellent. Otherwise, a good cleaning or a coat of paint or stain is all your cabinets need to keep them excellent.
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 seek upgraded blinds, valences, or drapery systems.
But while owners expect residents to make a rental home comfortable, there’s no actual benefit to providing any window treatments beyond a few of the best but essential blinds or shutters. Fancy window treatments don’t add a lot to the overall value of your property and are tied so firmly to an individual style that they, at times, don’t have wide appeal.
Trendy decorative features may not benefit tenants
Speaking of personal style, other decorative features like custom garage doors, posh paint colors, and so on seem like a beneficial way to lure quality residents. Although as with window treatments, the appeal of decorative features is a matter of personality. Therefore, upgrading beyond good quality, basic doors, windows, and interiors holds insignificant to no benefit for property owners.
Residents may like trendy decorative features for a little while, but as trends change, so will that appeal. To bring about a quality home with lasting appeal, avoid the existing trends and grasp well the less exciting but precisely more tried-and-true décor for rental homes.
Whether you’ve executed upgrades or not, rental property maintenance should constantly be a priority to maintain value. At Real Property Management Greater Madison Metro, we safeguard your Cottage Grove investment while establishing splendid relationships with your residents. For more information related to our property management services, please contact us online or call us immediately at 608-310-1290.
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.
