Deliberately planning to upgrade your single-family rental home once every year is not just a wise investment strategy, but definitely also a financial security measure. Just as rental homes must be regularly maintained, they should furthermore be updated to keep them current and competitive in the market, thereby always making certain of a steady increase in property value through time.
Property values throughout Grand Junction rely undeniably on the home’s condition, so investing a little to update things now and then is worth the time and cost involved.
But take careful note, not all upgrades present direct benefits for property owners. For real, some enhancements have obvious 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
Putting in new kitchen cabinets in your rental properties may indeed look like an upgrade that would benefit you and your residents. Your residents will be so happy with fine cabinets, and you might suppose that new cabinets would keep your property values soaring. But you to have to be aware, kitchen cabinets are one upgrade that isn’t worth the cost because any increase in value you might see won’t be equal with what you’ve spent on the job.
If the kitchen cabinets in your rental are in clearly dismal shape, you should explicitly replace them with something new and sturdy. Otherwise, a good cleaning or a coat of paint or stain is all your cabinets need to keep them splendid.
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 push for upgraded blinds, valences, or drapery systems.
But while owners expect residents to make a rental home comfortable, there’s no actual benefit to providing any window treatments beyond a few appropriate but essential blinds or shutters. Fancy window treatments don’t add a lot to the overall value of your property and are tied so explicitly to an individual style that they truly seldom have general appeal.
Trendy decorative features may not benefit tenants
Speaking of personal style, other decorative features like custom garage doors, majestic paint colors, and so on seem like an efficient way to appeal to quality residents. But, however, as with window treatments, the appeal of decorative features is a matter of personality. Therefore, upgrading beyond good quality, basic doors, windows, and interiors holds little to no benefit for property owners.
Residents may fancy trendy decorative features for a brief time, but as trends change, so will that drawing power. To make a quality home with lasting appeal, avoid the recent trends and adhere to the less exciting but clearly more tried-and-true décor for rental homes.
Whether you’ve done upgrades or not, rental property maintenance should consistently be a priority to maintain value. At Real Property Management Now, we securely protect your Grand Junction investment while establishing trustworthy relationships with your residents. For more information relative to our property management services, please contact us online or at 970-314-7123.
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.
