Programming to upgrade your single-family rental home regularly every 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 making certain of a steady increase in property value later on.
Property values throughout Suffolk County rely seriously on the home’s condition, so investing a little to restore things intermittently is worth the time and cost involved.
But having said that, not all upgrades endow direct benefits for property owners. It has been found that a few enhancements have specific 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 seem like an upgrade that would benefit you and your residents. Your residents will be overjoyed with fabulous cabinets, and you might clearly think that new cabinets would keep your property values moving up. But, in actual fact, kitchen cabinets are one upgrade that isn’t worth the cost because any increase in value you might see won’t equate to what you’ve spent on the job.
If the kitchen cabinets in your rental are in literally dismal shape, you should clearly replace them with something new. Otherwise, a good cleaning or a coat of paint or stain is all your cabinets need to keep them fabulous.
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 require upgraded blinds, valences, or drapery systems.
But while owners expect residents to make a rental home comfortable, there’s no palpable or significant benefit to providing any window treatments beyond just a few prime but essential blinds or shutters. Fancy window treatments don’t add a lot to the overall value of your property and are tied so intensely to an individual style that they hardly have wide-ranging appeal.
Trendy decorative features may not benefit tenants
Speaking of personal style, other decorative features like custom garage doors, extravagant paint colors, and so on seem like a fitting way to magnetize quality residents. But in fact, as with window treatments, the appeal of decorative features is a matter of personality. So, as you can see, upgrading beyond good quality, basic doors, windows, and interiors holds limited to no benefit for property owners.
Residents may take delight in trendy decorative features for a while, but as trends change, so will that enchantment. To put together a quality home with lasting appeal, avoid the most recent trends and just apply the less exciting but accurately more tried-and-true décor for rental homes.
Whether you’ve undertaken upgrades or not, rental property maintenance should constantly be a priority to maintain value. At Real Property Management Landmark, we keep safe your Suffolk County investment while creating beneficial relationships with your residents. For more information in regard to our property management services, please contact us online or at 516-522-2859.
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.
