A storage shed can be a nice add-on feature to a single-family rental property in Forest Hills, though a storage shed can ultimately become a potential liability. It can be a real challenge to see if adding or removing a storage shed from your rental property is a good thing to do. On the other hand, identifying all you can concerning the pros and cons of storage sheds, besides when it should be removed, can make that implication clearer.
Whether your property already has a storage shed or you’re thinking of putting up another one, here are several things that you should keep in mind. According to appraisal experts, sheds do not add very much to a property’s value. The benefits of having a shed, then, must come from somewhere else. This is mainly true if you are considering building or installing a shed on a rental property that doesn’t already have one. Even though a basic shed can be relatively affordable, there is the investment cost to think through.
The assets that you spend on a shed will probably not translate into a higher resale value, however, it may help make your property better to long-term tenants. It’s a good idea if your rental home doesn’t have large closets, storage areas, or a garage. In situations like this, a shed may get you to entice and keep the tenants who are happy to pay a little extra for the convenience of obtaining on-site storage space.
Certainly, a storage shed may not have the same charm for all tenants in all markets. This is what makes understanding both your local market and your target renter so critical. Depending on who you want to rent your rental home to, a shed may hold little to no appeal. For instance, an increase in the number of tenants, even those who call for single-family rental homes, are more likely minimizing their possessions or hiring service companies to help them take care of their homes. In either condition, this expresses that the tenant has fewer personal possessions, and will not want to pay more for a rental house with a shed.
From a property landlord’s position, having a shed on the property might bring a few unwelcome problems. A storage shed would require maintenance, adding to the time and expense of property upkeep. In addition to this, tenants may overfill or misuse the shed, leading to structural damage or even an insect or rodent problem. If this arises, your property values could suffer as a consequence. For this purpose, some property owners may find removing an existing shed, even one in good condition, to be the best option.
Keeping or removing a shed is not a decision to make hastily. But if your property already has a storage shed, at some point you will need to address whether or not to remove it. Over time, all structures deteriorate. As soon as a shed has fulfilled its useful life, it may become both an eyesore and a liability issue. Sagging roofs, warped doors, insect damage, and rust can all turn a shed into a safety hazard for you and your renters. If any or all of these conditions have occurred, failing to remove the shed could result in a lawsuit, should someone get injured. If you do decide to remove the shed, it is important to follow proper safety procedures or hire a reputable contractor to complete it for you.
Choosing to add or remove a shed would require some research and strategy. But such measures are essential to guarantee that you have made the precise choice for you, your tenants, and your investing future.
If you have added questions on how we can help you with all your Forest Hills property management needs, the specialists at Real Property Management Innovation are here to help. Contact us online or call us at 516-570-9275 today.
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