Preparing for routine upgrades to your single-family rental home every year is a good investment strategy. As much as rental homes need regular maintenance, they also have to be updated to keep them up to date and competitive in the market. Investing a little to upgrade things from every now and again is worth the time and the cost needed since property values in and around Davidson depend so much on the internal and external condition of the home.
Still, not all upgrades provide direct benefits to property owners. In actuality, some upgrades have distinct advantages for residents but not really boosting the overall property value or safeguarding your real estate investment. You need to evaluate your options wisely before doing major updates on your Davidson rental property.
For instance, installing new kitchen cabinets in your rental properties might look like an upgrade that would benefit both you and your residents. Your residents are going to enjoy quality cabinets, and you might think that new cabinets would keep increasing your property values. However, kitchen cabinets are one upgrade that isn’t usually worth the cost, because any potential increase in value is typically less than what you’ve spent on them. If the kitchen cabinets in your rental are really in bad condition, you should definitely replace them with something better. Other than that, a good cleaning or perhaps a coat of paint or stain is really all your cabinets need to keep them fresh.
Another upgrade benefits the residents more than the owner of a rental home is high-end window treatments. You may receive requests from your residents for upgraded blinds, valences, or drapery systems to customize their space. But, while owners expect residents to be comfortable a rental home, there’s no real benefit to offering any window treatments beyond standard blinds or shutters. Fancy window treatments don’t add a lot to the overall value of your property and are bound so strongly to an individual style that they rarely have widespread appeal.
Talking about personal style, other decorative details like custom garage doors, trendy paint colors, and so on might appear to be a good way to attract quality residents, but like window treatments, the appeal of decorative elements can differ a lot from person to person. Because of this reason, upgrading past good quality, simple doors, windows, and interiors barely benefit property owners. To have a quality rental home with lasting appeal, skip the latest trends and choose the less exciting but completely more reliable décor themes usually found in other rental homes.
Whether you’ve made upgrades or not, rental property maintenance should always be a priority in order to retain value. At Real Property Management Value, we are devoted to securing your investment while building great relationships with your residents. For more information about our property management services, please contact us online or call us directly at 704-230-4074.