A storage shed can be a nice add-on feature to a single-family rental property in Baxter. Always keep in mind, a storage shed can also pose as a potential liability. It can sometimes present a real challenge to identify whether adding or removing a storage shed from your rental property is the right selection. But absorbing information on the pros and cons of storage sheds, and when it should be removed, can make that choice clear.
In spite of having a storage shed or considering the need for one, you must never forget these facts. As stated by appraisal experts, sheds do not add very much to a property’s value. The benefits of obtaining a shed, then, could be lying somewhere else. This is notably true if you are contemplating on a building or installing a shed on a rental property that doesn’t already have one. Although a basic shed may be relatively affordable, there is the investment cost to shell out.
The money put on acquiring a shed will probably not translate into a higher resale value; however, it can make your place enticing to continuing renters, especially if your rental home does not have large closets, storage areas, or a garage. In most cases, a shed certainly lets you retain tenants who are happy to pay a little extra for the convenience of possessing on-site storage space.
Obviously, a storage shed may not hold the same appeal for all tenants in all markets, making understanding both your local market and your target renter a primary point to consider. It is also important to find who is in rental property. A shed may hold little to no appeal. Case in point, an increasing number of renters, along with people who would go for single-family rental homes, are either minimizing their possessions or hiring service companies to help them take care of their homes. In either position, it shows that the tenant has fewer personal possessions, and will not want to pay more for a rental property, let alone an additional shed.
From a home owner’s point of view, having a shed on the property might bring a few unwelcome problems. A storage shed will always require maintenance, adding to the time and expense of property upkeep. Another thing, tenants may overfill or misuse the shed, leading to structural damage or even an insect or rodent problem. If this is the case, your property values could suffer as a result. For this exact 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 an easy decision. 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. By the time a shed has served 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 the tenants. If these conditions have already developed, failing to remove the shed could result in a lawsuit, should anyone get wounded. If you do decide to remove the shed, it is important to follow proper safety procedures or hire a reputable contractor to work on it.
Selecting to add or remove a shed does take extensive research and planning. In spite of that, these steps aid you in deciding what would be the best your tenants, your investing future, and especially yourself.
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.