Intending to make some upgrades to your single-family rental homes each year is an intelligent approach to your investment property. Rental homes not only need consistent maintenance but they should also be updated to make sure that they remain to be completive and is up to date on whatever is current in the market. Property values all over Bullhead City rely massively on the status of the home, which is why it is wise to invest a little to upgrade things now and then.
However, not all upgrades offer direct benefits for property owners. Some upgrades have distinct advantages for the residents but don’t add much to the value of the property or help you protect your investment any better.
For example, installing new kitchen cabinets in your rental properties may be tempting because it would seem like an upgrade that would benefit both you and your residents. For sure your residents will be thankful for the quality of the cabinets, and you might think that new cabinets would keep your property values high. However, kitchen cabinets are one upgrade that is not exactly worthy of the price simply because any increase in value you might see won’t equal to how much or what you have spent on the job. If the kitchen cabinets in your rental are genuinely dreary, you ought to replace them with a better option. Otherwise, you can take care of that problem by maybe changing paint or stain or with a good cleaning.
One other upgrade that has far more benefits for the residents of a rental home than for the owner is high-end window treatments. Residents may try and haggle for upgraded blinds, valences, or drapery systems to customize their area. However, while owners expect residents to make a rental home convenient, there’s no real benefit to giving any window treatments beyond some quality but basic blinds or shutters. Fancy window treatments don’t add a lot to the overall value of your property and are tied so heavily to an individual style that they rarely have broad appeal.
When talking about one’s style, different beautifying features like custom garage doors, trendy paint colors, and so on may seem like an excellent way to draw quality residents. However, as with window treatments, the charm of decorative features is a matter of personality. For this reason, upgrading beyond good quality, original doors, windows, and interiors hold little to no benefit for property owners.
Residents may enjoy contemporary ornamental features for a while, but as trends change, so too will that appeal. To create a quality rental home with lasting appeal, avoid the latest trends and adhere to the less exciting but more tried-and-true décor typical to rental homes.
Whether you’ve made upgrades or not, rental property maintenance should always be a priority to maintain value. At Real Property Management Northern Arizona, we are committed to preserving your investment while building excellent rapport with your residents. For more information about our property management services, please contact us online or call us directly at 928-757-7368.
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.