Planning annual upgrades to your single-family rental home is a great investment strategy. Just as rental homes need regular maintenance, they should also be updated to keep them current and competitive in the market. The property values throughout Morrisville heavily depends on the condition of the home both inside and out. A property in poor condition would bring down its value. This is why investing to upgrade things from time to time is worth it. Every upgrade pushes the property value higher.
However, though some upgrades directly benefit the property owner, other upgrades don’t. In fact, some upgrades have distinct advantages for the residents and the residents alone. These upgrades fail to grow the overall property value or protect your real estate investment. It’s really crucial to look at your options closely and carefully before you decide to make any major updates. A decision like this affects your rental property in Morrisville and therefore shouldn’t be taken lightly.
For instance, to upgrade your rental property, you might think of installing new kitchen cabinets. And it does seem like it would benefit both you and your residents. For sure, your residents will be glad to have quality cabinets. This may lead you to think that new cabinets directly affect property values. However, kitchen cabinets are one upgrade that isn’t normally worth the cost. The amount you spend on the project would most likely be bigger than whatever increase in value it brings. Now, if the kitchen cabinets are in truly dismal shape, this would greatly affect your values and you should definitely have them replaced with something better. Otherwise, a good cleaning or possibly a fresh coat of paint or stain is all that is needed to keep your cabinets nice.
Another upgrade that is more beneficial for the residents than the owner of a rental property is high-end window treatments. You may get requests from residents asking for upgraded blinds, valences, or drapery systems to modify their space. But while owners already know that residents want to make a rental home comfortable, there’s no real advantage to providing any window treatments beyond the standard blinds or shutters. Fancy window treatments have a very limited appeal because they are tied so tightly to an individual style and they don’t add a lot of value to your rental home.
Speaking of particular style, distinct decorative features like custom garage doors, trendy paint colors, and so on might look like a good plan to attract quality residents. But as with window treatments, the appeal of fancy features can vary considerably from person to person. For this reason, upgrading beyond good quality, basic doors, windows, and interiors carries little to no benefit for property owners. To create a quality rental home with enduring appeal, avoid the latest trends and adhere to the less exciting but definitely more tried-and-true décor themes that are usually found in other rental homes.
Whether you’ve made upgrades or not, rental property maintenance should constantly be a priority in order to maintain value. At Real Property Management Raleigh, we have dedicated ourselves to protect your investment while making great relationships with your residents. For additional information about our property management services, please contact us online or call us directly at 919-481-0008.
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