Mindfully planning to upgrade your single-family rental home at least once a year is not just a wise investment strategy, but certainly also a financial security measure. Just as rental homes must be regularly maintained, they should, moreover, be updated to keep them current and competitive in the market, thereby always making certain of a steady increase in property value as time progresses.
Property values throughout Charleston rely necessarily on the home’s condition, so investing a little to make things better regularly is often worth the time and cost involved.
Although, be aware that not all upgrades give direct benefits for property owners. In truth, a few enhancements have evident 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 sound like an upgrade that would benefit you and your residents. Your residents will be so delighted with great cabinets, and you might consider that new cabinets would keep your property values increasing. But, in reality, kitchen cabinets are one upgrade that isn’t worth the cost because any increase in value you might see won’t be equivalent to what you’ve spent on the job.
If the kitchen cabinets in your rental are in outrightly dismal shape, you should correctly replace them with something new and durable. Otherwise, a good cleaning or a coat of paint or stain is all your cabinets need to keep them presentable.
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 personalize their space, residents may request 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 of the best but essential blinds or shutters. Fancy window treatments don’t add a lot to the overall value of your property and are tied so firmly to an individual style that they really seldom have wide appeal.
Trendy decorative features may not benefit tenants
Speaking of personal style, other decorative features like custom garage doors, chic paint colors, and so on seem like the best thing to lure in quality residents. But having said that, in actuality, same as with window treatments, the appeal of decorative features is a matter of personality. On that account, upgrading beyond good quality, basic doors, windows, and interiors holds insignificant to no benefit for property owners.
Residents may like trendy decorative features at present, but as trends change, so will that appeal. To develop a quality home with lasting appeal, avoid the ever-changing trends and follow the less exciting but precisely more tried-and-true décor for rental homes.
Whether you’ve finalized and done upgrades or not, rental property maintenance should incessantly be a priority to maintain value. At Real Property Management Instant Equity, we take care of your Charleston investment while forming beneficial relationships with your residents. For more information in terms of our property management services, please contact us online or at 843-898-5743.
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