Atentively planning to upgrade your single-family rental home every twelve months or one year is not just a wise investment strategy but, aside from that, a financial security measure. Just as rental homes must be regularly maintained, they should, in addition, be updated to keep them current and competitive in the market, thereby guaranteeing a steady increase in property value over the long haul.
Property values throughout Ellicott City rely hugely on the home’s condition, so investing a little to fix up things now and then is worth the time and cost involved.
Even so, not all upgrades grant direct benefits for property owners. Really, a few enhancements have very 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
Putting up new kitchen cabinets in your rental properties may seem to be an upgrade that would benefit you and your residents. Your residents will be satisfied with the best cabinets, and you might conclude that new cabinets would keep your property values soaring higher. But in fact, kitchen cabinets are one upgrade that isn’t worth the cost because any increase in value you might see won’t actually match up to what you’ve spent on the job.
If the kitchen cabinets in your rental are in unquestionably dismal shape, you should precisely replace them with something new and awesome. Otherwise, a good cleaning or a coat of paint or stain is all your cabinets need to keep them working and looking fine.
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 suitably customize their space, residents may wish and ask 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 superb 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 barely have wide-reaching appeal.
Trendy decorative features may not benefit tenants
Speaking of personal style, other decorative features like custom garage doors, pricey paint colors, and so on seem like a great approach to bring in quality residents. Except, as with window treatments, the appeal of decorative features is a matter of personality. This is why, upgrading beyond good quality, basic doors, windows, and interiors holds minimal to no benefit for property owners.
Residents may take pleasure in trendy decorative features for the time being, but as trends change, so will that magnetism. To securely develop a quality home with lasting appeal, avoid the contemporary trends and be guided by the less exciting but positively more tried-and-true décor for rental homes.
Whether you’ve fulfilled upgrades or not, rental property maintenance should, all the time, be a priority to maintain value. At Real Property Management Prime, we secure your Ellicott City investment while establishing excellent relationships with your residents. For more information as regards to our property management services, please contact us online or at 410-415-1736.
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.
