Properly planning to upgrade your single-family rental home regularly every year is not just a wise investment strategy, but, over and above that, a financial security measure. Just as rental homes must be regularly maintained, they should additionally be updated to keep them current and competitive in the market, thereby securing a steady increase in property value sometime later.
Property values throughout Naples rely exceedingly on the home’s condition, so investing a little to refurbish things periodically is worth the time and cost involved.
But take note, not all upgrades bring in direct benefits for property owners. In actuality, a number of enhancements have clearly distinct 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
Adding new kitchen cabinets in your rental properties may come across as an upgrade that would benefit you and your residents. Your residents will be truly happy with the fancy cabinets, and you might view that new cabinets would keep your property values floating up. But really, kitchen cabinets are one upgrade that isn’t worth the cost because any increase in value you might see won’t be comparable to what you’ve spent on the job.
If the kitchen cabinets in your rental are in completely dismal shape, you should accordingly replace them with something new and magnificent. Otherwise, a good cleaning or a coat of paint or stain is all your cabinets need to keep them looking and working decently.
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 want 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 handful of splendid 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 barely have wide appeal.
Trendy decorative features may not benefit tenants
Speaking of personal style, other decorative features like custom garage doors, upper-class paint colors, and so on seem like an excellent to delight quality residents. Then again, as with window treatments, the appeal of decorative features is a matter of personality. As shown, upgrading beyond good quality, basic doors, windows, and interiors holds less to no benefit for property owners.
Residents may be fond of trendy decorative features for a long, but as trends change, so will that allure. To truly create a quality home with lasting appeal, avoid the newest trends and just apply the less exciting but undeniably more tried-and-true décor for rental homes.
Whether you’ve put into effect upgrades or not, rental property maintenance should often be a priority to maintain value. At Real Property Management Qualified, we suitably care for your Naples investment while developing favorable relationships with your residents. For more information with respect to our property management services, please contact us online or at 239-344-9842.
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