Seriously planning to upgrade your single-family rental home every year is not just a wise investment strategy, but specifically a financial security measure. Just as rental homes must be regularly maintained, they should likewise be updated to keep them current and competitive in the market, thereby guaranteeing a steady increase in property value sometime later.
Property values throughout Valley Stream rely solidly on the home’s condition, so investing a little to update things regularly is worth the time and cost involved.
But, not all upgrades lend direct benefits for property owners. As a matter of fact, a few enhancements have 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 be clearly seen as an upgrade that would benefit you and your residents. Your residents will be ecstatic with the new cabinets, and you might consider that new cabinets would keep your property values soaring up. But in point of fact, kitchen cabinets are one upgrade that isn’t worth the cost because any increase in value you might see won’t be comparable to what you’ve spent on the job.
If the kitchen cabinets in your rental are in clearly dismal shape, you should replace them accordingly with something appropriate. Otherwise, a good cleaning or a coat of paint or stain is all your cabinets need to keep them pleasing and nice.
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 customize their space, residents may call for upgraded blinds, valences, or drapery systems.
But while owners expect residents to make a rental home comfortable, there’s no significant benefit to providing any window treatments beyond a few splendid but essential blinds or shutters. Fancy window treatments don’t add a lot to the overall value of your property and are tied so explicitly to an individual style that they very seldom have wide appeal.
Trendy decorative features may not benefit tenants
Speaking of personal style, other decorative features like custom garage doors, high-end paint colors, and so on seem like a great way to attract and delight quality residents. Then again, as with window treatments, the appeal of decorative features is a matter of personality. Thus, upgrading beyond good quality, basic doors, windows, and interiors holds very few to no benefit for property owners.
Residents may be fond of trendy decorative features for a short time, but as trends change, so will that allure. To create a quality home with lasting appeal, avoid the recent trends and simply implement the less exciting but categorically more tried-and-true décor for rental homes.
Whether you’ve worked on upgrades or not, rental property maintenance should periodically be a priority to maintain value. At Real Property Management Innovation, we watch over and protect your Valley Stream investment while developing helpful relationships with your residents. For more information about our property management services, please contact us online or at 516-570-9275.
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.
