Scheduling to upgrade your single-family rental home per year is not just a wise investment strategy, but further a financial security measure. Just as rental homes must be regularly maintained, they should supplementarily be updated to keep them current and competitive in the market, thereby seeing a steady increase in property value after some time.
Property values throughout Baxter rely strongly on the home’s condition, so investing a little to rehabilitate or touch up things once in a while is worth the time and cost involved.
But be aware, not all upgrades grant direct benefits for property owners. In point of fact, a few enhancements have clear and distinct 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
Integrating new kitchen cabinets in your rental properties may suggest an upgrade that would benefit you and your residents. Your residents will be joyous with prime cabinets, and you might figure that new cabinet would keep your property values getting higher. But, kitchen cabinets are one upgrade that isn’t worth the cost because any increase in value you might see won’t amount to the same as what you’ve spent on the job.
If the kitchen cabinets in your rental are in surely dismal shape, you should correctly replace them with something perfect. Otherwise, a good cleaning or a coat of paint or stain is all your cabinets need to keep them beautifully presentable 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 demand upgraded blinds, valences, or drapery systems.
But while owners expect residents to make a rental home comfortable, there’s no veritable benefit to providing any window treatments beyond a few nice but essential blinds or shutters. Fancy window treatments don’t add a lot to the overall value of your property and are tied so intimately to an individual style that they seldom have wide appeal.
Trendy decorative features may not benefit tenants
Speaking of personal style, other decorative features like custom garage doors, expensive paint colors, and so on seem like good means to pull in quality residents. Nevertheless, as with window treatments, the appeal of decorative features is a matter of personality. Exactly why, upgrading beyond good quality, basic doors, windows, and interiors holds trivial to no benefit for property owners.
Residents may admire trendy decorative features for a period, but as trends change, so will that attraction. To establish a quality home with lasting appeal, avoid the newest trends and comply with the less exciting but specifically more tried-and-true décor for rental homes.
Whether you’ve brought about upgrades or not, rental property maintenance should frequently be a priority to maintain value. At Real Property Management Deluxe, we properly safeguard your Baxter investment while establishing solid and good relationships with your residents. For more information concerning our property management services, please contact us online or call us directly at 218-454-7962.
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.
