Properly planning to upgrade your single-family rental home every year is not just a wise investment strategy, but, furthermore, a financial security measure. Just as rental homes must be regularly maintained, they should definitely also be updated to keep them current and competitive in the market, thereby certifying a steady increase in property value with time.
Property values throughout Hoover rely significantly on the home’s condition, so investing a little to update and touch up things every once in a while is worth the time and cost involved.
But however, not all upgrades render direct benefits for property owners. As it turns out, a number of enhancements have unmistakable advantages for residents but certainly don’t add much to the property’s value or help protect your investment better.
Reasonable upgrades to maintain property value
Incorporating new kitchen cabinets in your rental properties may feel like an upgrade that would benefit you and your residents. Your residents will be pleased with marvelous cabinets, and you might expect that new cabinets will keep your property values surging higher. Except, kitchen cabinets are one upgrade that isn’t worth the cost because any increase in value you might see won’t equal to what you’ve spent on the job.
If the kitchen cabinets in your rental are in definitely dismal shape, you should undoubtedly replace them with something new and outstanding. Otherwise, a good cleaning or a coat of paint or stain is all your cabinets need to keep them looking and functioning pleasantly.
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 indvidualize their space, residents may demand for upgraded blinds, valences, or drapery systems.
But while owners expect residents to make a rental home comfortable, there’s no absolute benefit to providing any window treatments beyond a few really 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 keenly to an individual style that they scarcely do have a large 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 the correct way to fascinate quality residents. Nevertheless, as with window treatments, the appeal of decorative features is a matter of personality. Hence, upgrading beyond good quality, basic doors, windows, and interiors holds minimum to no benefit for property owners.
Residents may be happy with trendy decorative features for quite a while, but as trends change, so will that appeal. To set up a quality home with lasting appeal, avoid the modern trends and just implement the less exciting but generally more tried-and-true décor for rental homes.
Whether you’ve carried about upgrades or not, rental property maintenance should consistently be a priority to maintain value. At Real Property Management Victory, we excellently care for your Hoover investment while creating incredible relationships with your residents. For more information concerning our property management services, please contact us online or at 205-793-0700.
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