Planning to upgrade your single-family rental home annually is not just a wise investment strategy but, in addition, a financial security measure. Just as rental homes must be regularly maintained, they should similarly be updated to keep them current and competitive in the market, thereby making sure of a steady increase in property value after a while.
Property values throughout Bullhead City rely inevitably on the home’s condition, so investing a little to improve things occasionally is worth the time and cost involved.
On the other hand, not all upgrades bid direct benefits for property owners. In reality, a few enhancements have clear 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
Furnishing new kitchen cabinets in your rental properties may look like an upgrade that would benefit you and your residents. Your residents will be glad about good cabinets, and you might believe that new cabinets would keep your property values rising. Though, kitchen cabinets are one upgrade that isn’t worth the cost because any increase in value you might see won’t be the same as what you’ve spent on the job.
If the kitchen cabinets in your rental are in really dismal shape, you should particularly replace them with something better. Otherwise, a good cleaning or a coat of paint or stain is all your cabinets need to keep them great.
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 ask for upgraded blinds, valences, or drapery systems.
But while owners expect residents to make a rental home comfortable, there’s no true benefit to providing any window treatments beyond various essential blinds or shutters. Fancy window treatments don’t add a lot to the overall value of your property and are tied so vigorously to an individual style that they seldom have extensive or broad appeal.
Trendy decorative features may not benefit tenants
Speaking of personal style, other decorative features like custom garage doors, classy paint colors, and so on seem like an excellent means to draw quality residents. Though, as with window treatments, the appeal of decorative features is a matter of personality. This is exactly why, upgrading beyond good quality, basic doors, windows, and interiors holds small to no benefit for property owners.
Residents may adore trendy decorative features for some time, but as trends change, so will that allurement. To bring about a quality home with lasting appeal, avoid the current trends and observe the less exciting but notably more tried-and-true décor for rental homes.
Whether you’ve accomplished upgrades or not, rental property maintenance should, every time, be a priority to maintain value. At Real Property Management Northern Arizona, we save your Bullhead City investment while forming awesome relationships with your residents. For more information with regards to our property management services, please contact us online or call us directly at 928-757-7368.
Originally Published on September 21, 2018
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.
