Establishing plans to upgrade your single-family rental home year after year is not just a wise investment strategy but, on top of that, a financial security measure. Just as rental homes must be regularly maintained, they should, besides that, be updated to keep them current and competitive in the market, thereby checking and ensuring a steady increase in property value as time goes by.
Property values throughout Newington rely basically on the home’s condition, so investing a little to recondition things oftentimes is worth the time and cost involved.
Even so, take note that not all upgrades provide direct benefits for property owners. It appears that a handful of 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
Setting up new kitchen cabinets in your rental properties may seem to be an upgrade that would benefit you and your residents. Your residents will be satisfied with superb cabinets, and you might deem that new cabinets would keep your property values spiraling up. But in reality, kitchen cabinets are one upgrade that isn’t worth the cost because any increase in value you might see won’t amount much like what you’ve spent on the job.
If the kitchen cabinets in your rental are in unquestionably dismal shape, you should thoroughly replace them with something sound and nice. Otherwise, a good cleaning or a coat of paint or stain is all your cabinets need to keep them pretty and useful.
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 appeal for upgraded blinds, valences, or drapery systems.
But while owners expect residents to make a rental home comfortable, there’s no concrete benefit to providing any window treatments beyond several great but essential blinds or shutters. Fancy window treatments don’t add a lot to the overall value of your property and are tied so completely to an individual style that they scarcely have general appeal.
Trendy decorative features may not benefit tenants
Speaking of personal style, other decorative features like custom garage doors, pricey paint colors, and so on seem like a great means to charm quality residents. But unfortunately, as with window treatments, the appeal of decorative features is a matter of personality. This is why, upgrading beyond good quality, basic doors, windows, and interiors holds minimal to no benefit for property owners.
Residents may love trendy decorative features for the time being, but as trends change, so will that interest. To form a quality home with lasting appeal, avoid the latest trends and apply the less exciting but certainly more tried-and-true décor for rental homes.
Whether you’ve fulfilled upgrades or not, rental property maintenance should, all the time, be a priority to maintain value. At Real Property Management Hartford Metro/Greater New London, we secure your Newington investment while developing significant relationships with your residents. For more information over our property management services, please contact us online or call us directly at 860-316-4388.
Originally Published on September 21, 2018
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