Carefully planning to upgrade your single-family rental home every year is not just a wise investment strategy, but, on top of that, a financial security measure. Just as rental homes must be regularly maintained, they should certainly also be updated to keep them current and competitive in the market, thereby making sure of a steady increase in property value in due course.
Property values throughout Cape Cod rely vitally on the home’s condition, so investing a little to enhance and upgrade things from time to time is worth the time and cost involved.
But realy, not all upgrades offer direct benefits for property owners. In actual fact, several enhancements have very 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
Setting up new kitchen cabinets in your rental properties may be thought of as an upgrade that would benefit you and your residents. Your residents will be delighted with nice cabinets, and you might anticipate that new cabinets would keep your property values rising. But, you have to know, kitchen cabinets are one upgrade that isn’t worth the cost because any increase in value you might see won’t be tantamount to what you’ve spent on the job.
If the kitchen cabinets in your rental are in openly dismal shape, you should consequently replace them with something acceptable and nice. Otherwise, a good cleaning or a coat of paint or stain is all your cabinets need to keep them in excellent 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 customize their space, residents may petition for upgraded blinds, valences, or drapery systems.
But while owners expect residents to make a rental home comfortable, there’s actually no real 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 typically have no broader appeal.
Trendy decorative features may not benefit tenants
Speaking of personal style, other decorative features like custom garage doors, smart paint colors, and so on seem like an effective way to hook quality residents. Having said that, as with window treatments, the appeal of decorative features is a matter of personality. Therefore, upgrading beyond good quality, basic doors, windows, and interiors holds few to no benefit for property owners.
Residents may bask in trendy decorative features for a time, but as trends change, so will that pull. To develop a quality home with lasting appeal, avoid the current fashionable trends and take to heart and implement the less exciting but characteristically more tried-and-true décor for rental homes.
Whether you’ve acted upon upgrades or not, rental property maintenance should consistently be a priority to maintain value. At Real Property Management Associates, we take care of your Cape Cod investment while fostering marvelous relationships with your residents. For more information on the subject of our property management services, please contact us online or at 508-509-4485.
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.
