Thinking about making some upgrades to your single-family rental homes each year is a good strategy to implement in your rental property. Rental homes not only need regular upkeep but they should also be updated to make certain that they are always up to date at the same time prevail to be competitive in the market. Property values all over Wolfforth rely significantly on the situation of the home, and it is for this reason why it is best to put aside a little money meant to upgrade things now and then.
Nevertheless, not all upgrades extend direct benefits for property owners. Some upgrades have different benefits for the residents but don’t add a lot to the value of the property or help you oversee your investment completely.
As an instance, getting new kitchen cabinets in your rental properties may be fascinating because it seems like an upgrade that would benefit both you and your residents. For sure your residents will be appreciative of the quality cabinets, and you might think that new cabinets would keep your property values high. Still, kitchen cabinets are one upgrade that is not exactly worthy of the price only because any rise in value you might see won’t compare to how much or what you have spent on the job. If the kitchen cabinets in your rental are dull, you ought to substitute them with another excellent choice. Otherwise, you can opt for a change in paint or stain or give the whole kitchen a good clean up.
The other upgrade that has far more benefits for the residents of a rental home than for the owner is high-end window treatments. Residents may request for upgraded blinds, valences, or drapery systems to customize their space. But, while owners expect residents to make a rental home comfortable, there’s no actual benefit to giving any window treatments other than some quality but basic blinds or shutters. Fancy window treatments don’t add a lot to the overall value of your property and are tied so heavily to an individual style that they seldom have broad appeal.
When talking about one’s style, different beautifying features like custom garage doors, trendy paint colors, and so on may appear like a great way to bring quality residents. But, just like window treatments, the magic of decorative features is a matter of character. For this reason, upgrading beyond good quality, original doors, windows, and interiors hold little to no benefit for property owners.
Residents may enjoy modern, beautiful features for a while, but as trends change, so too will that appeal. To build a quality rental home with lasting appeal, dodge the latest trends and adhere to the less exciting but more tried-and-true décor typical to rental homes.
Whether you’ve made upgrades or not, rental property maintenance should always be a priority to maintain value. At Real Property Management Services, we are committed to preserving your investment while building excellent rapport with your residents. For more information about our property management services, please contact us online or call us directly at 806-853-6546.
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.
