Attentively planning to upgrade your single-family rental home once a year is not just a wise investment strategy, but certainly also a financial security measure. Just as rental homes must be regularly maintained, they should, aside from that, be updated to keep them current and competitive in the market, thereby guaranteeing a steady increase in property value in the long run.
Property values throughout Georgetown rely crucially on the home’s condition, so investing a little to update things every now and then is worth the time and cost involved.
But be informed, not all upgrades present direct benefits for property owners. In reality, a handful of enhancements have very obvious advantages for residents but certainly don’t add much to the property’s value or help protect your investment better.
Reasonable upgrades to maintain property value
Putting up new kitchen cabinets in your rental properties may appear to be an upgrade that would benefit you and your residents. Your residents will be elated with suitable and nice cabinets, and you might take it into consideration that new cabinets would keep your property values high. But in reality, 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 obviously dismal shape, you should certainly replace them with something new and prime. Otherwise, a good cleaning or a coat of paint or stain is all your cabinets need to keep them appearing nice.
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 solicit for upgraded blinds, valences, or drapery systems.
But while owners expect residents to make a rental home comfortable, there’s no good and real benefit to providing any window treatments beyond a handful of excellent but essential blinds or shutters. Fancy window treatments don’t add a lot to the overall value of your property and are tied so keenly to an individual style that they very rarely have a broad appeal.
Trendy decorative features may not benefit tenants
Speaking of personal style, other decorative features like custom garage doors, superior paint colors, and so on seem like an appropriate way to interest and attract quality residents. With that said, as with window treatments, the appeal of decorative features is a matter of personality. As a result, upgrading beyond good quality, basic doors, windows, and interiors actually holds few to no benefit for property owners.
Residents may have a great time with trendy decorative features for a time, but as trends change, so will that glamour and appeal. To bring about a quality home with lasting appeal, avoid the newest trends and implement the less exciting but concretely more tried-and-true décor for rental homes.
Whether you’ve implemented upgrades or not, rental property maintenance should routinely be a priority to maintain value. At Real Property Management Diamond, we look after your Georgetown investment while bringing about splendid relationships with your residents. For more information in reference to our property management services, please contact us online or at 302-313-7700.
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.
