Mindfully planning to upgrade your single-family rental home once a year is not just a wise investment strategy, but especially a financial security measure. Just as rental homes must be regularly maintained, they should, in like manner, be updated to keep them current and competitive in the market, thereby ascertaining a steady increase in property value in the long run.
Property values throughout Forsyth County rely immensely on the home’s condition, so investing a little to develop things systematically is worth the time and cost involved.
Although, not all upgrades present direct benefits for property owners. In reality, a number of enhancements have undoubtedly 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
Outfitting new kitchen cabinets in your rental properties may appear to be an upgrade that would benefit you and your residents. Your residents will be gratified with suitable cabinets, and you might take it that new cabinets would keep your property values increasing. But as a matter of fact, kitchen cabinets are one upgrade that isn’t worth the cost because any increase in value you might see won’t be proportionate to what you’ve spent on the job.
If the kitchen cabinets in your rental are in categorically dismal shape, you should appropriately replace them with something nice and suitable. Otherwise, a good cleaning or a coat of paint or stain is all your cabinets need to keep them looking beautiful and new.
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 really personalize their space, residents may require upgraded blinds, valences, or drapery systems.
But while owners expect residents to make a rental home comfortable, there’s no good benefit to providing any window treatments beyond a few marvelous but essential blinds or shutters. Fancy window treatments don’t add a lot to the overall value of your property and are tied so very closely to an individual style that they scarcely have general appeal.
Trendy decorative features may not benefit tenants
Speaking of personal style, other decorative features like custom garage doors, costly paint colors, and so on seem like a great approach to interest quality residents. But really, as with window treatments, the appeal of decorative features is a matter of personality. Because of this, upgrading beyond good quality, basic doors, windows, and interiors holds few to no benefit at all for property owners.
Residents may like trendy decorative features for a while, but as trends change, so will that glamour. To produce a quality home with lasting appeal, avoid the ever-changing trends and apply the less exciting but concretely more tried-and-true décor for rental homes.
Whether you’ve dealt with upgrades or not, rental property maintenance should habitually be a priority to maintain value. At Real Property Management Perfection, we guard your Forsyth County investment while fostering pleasant relationships with your residents. For more information about our property management services, please contact us online or at 336-510-9975.
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.
