Scheduling to upgrade your single-family rental home every year is not just a wise investment strategy, but moreover a financial security measure. Just as rental homes must be regularly maintained, they should, every now and again, be updated to keep them current and competitive in the market, thereby safeguarding a steady increase in property value moving forward.
Property values throughout Copperas Cove rely hugely on the home’s condition, so investing a little to touch up things now and again is worth the time and cost involved.
Yet, not all upgrades extend direct benefits for property owners. In actuality, a number of enhancements have very obvious advantages for residents but actually don’t add much to the property’s value or help protect your investment better.
Reasonable upgrades to maintain property value
Incorporating new kitchen cabinets in your rental properties may feel like an upgrade that would benefit you and your residents. Your residents will be pleased with nice cabinets, and you might happily think that new cabinets would keep your property values growing. Except, kitchen cabinets are one upgrade that isn’t worth the cost because any increase in value you might see won’t be similar or equal to what you’ve spent on the job.
If the kitchen cabinets in your rental are in definitely dismal shape, you should generally replace them with something fine. Otherwise, a good cleaning or a coat of paint or stain is all your cabinets need to keep them good and nice looking.
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 desire upgraded blinds, valences, or drapery systems.
But while owners expect residents to make a rental home comfortable, there’s no tangible benefit to providing any window treatments beyond a small number of suitable but essential blinds or shutters. Fancy window treatments don’t add a lot to the overall value of your property and are tied so tightly to an individual style that they very rarely have wide appeal.
Trendy decorative features may not benefit tenants
Speaking of personal style, other decorative features like custom garage doors, deluxe paint colors, and so on seem like the correct way to entice quality residents. But, sadly, as with window treatments, the appeal of decorative features is a matter of personality. Hence, upgrading beyond good quality, basic doors, windows, and interiors holds slight to no benefit for property owners.
Residents may appreciate trendy decorative features for quite a while, but as trends change, so will that allure. To build a quality home with lasting appeal, avoid the current trends and conform to the less exciting but practically more tried-and-true décor for rental homes.
Whether you’ve carried about upgrades or not, rental property maintenance should consistently be a priority to maintain value. At Real Property Management Apex, we shield your Copperas Cove investment while easily building superb relationships with your residents. For more information relating to our property management services, please contact us online or call us directly at 254-732-1599.
If you’d like to do more research about renovating and upgrading your rental property, check out these blogs:
- The Do’s and Don’ts of Electrical Wiring Upgrades for Your Temple Rental Property
- The Pros and Cons of Belton Rental Property Upgrades
- Color Psychology: Making Your Temple Rental Property More Inviting
- Upgrading Your Harker Heights Rental Property to a Smart Home: Thermostats, Lighting, and Locks
Originally Published on September 21, 2018
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