Seriously planning to upgrade your single-family rental home year on year is not just a wise investment strategy, but likewise a financial security measure. Just as rental homes must be regularly maintained, they should as well be updated to keep them current and competitive in the market, thereby guaranteeing a steady increase in property value later on.
Property values throughout Burlington rely vastly on the home’s condition, so investing a little to restore and update things every once in a while is worth the time and cost involved.
But be careful, not all upgrades furnish direct benefits for property owners. In fact, a few of enhancements have certainly 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 really happy with fabulous cabinets, and you might think that new cabinets would keep your property values moving up. But, kitchen cabinets are one upgrade that isn’t worth the cost because any increase in value you might see won’t equate to what you’ve spent on the job.
If the kitchen cabinets in your rental are in surely dismal shape, you should, accordingly, replace them with something new and fantastic. Otherwise, a good cleaning or a coat of paint or stain is all your cabinets need to keep them in great condition.
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 personalize their space, residents may desire upgraded blinds, valences, or drapery systems.
But while owners expect residents to make a rental home comfortable, there’s no palpable benefit to providing any window treatments beyond a few prime but essential blinds or shutters. Fancy window treatments don’t add a lot to the overall value of your property and are tied so intensely to an individual style that they barely have a general 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 magnetize quality residents. Still, as with window treatments, the appeal of decorative features is a matter of personality. That’s exactly why, upgrading beyond good quality, basic doors, windows, and interiors holds limited to no benefit for property owners.
Residents may take delight in trendy decorative features for a period, but as trends change, so will that enchantment. To put together a quality home with lasting appeal, avoid the most recent trends and always go fot the less exciting but undoubtedly 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 Sterling, we properly care for your Burlington investment while bringing about significant relationships with your residents. For more information concerning our property management services, please contact us online or at 802-861-6468.
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.
