Preparing to upgrade your single-family rental home regularly every year is not just a wise investment strategy, but furthermore a financial security measure. Just as rental homes must be regularly maintained, they should as well be updated to keep them current and competitive in the market, thereby establishing a steady increase in property value with time.
Property values throughout Fort Collins rely accordingly on the home’s condition, so investing a little to spruce up things regularly is worth the time and cost involved.
Although, you should know that not all upgrades furnish direct benefits for property owners. In actuality, a few enhancements have distinctive 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
Outfitting new kitchen cabinets in your rental properties may certainly look to be an upgrade that would benefit you and your residents. Your residents will be gratified with marvelous cabinets, and you might expect that new cabinets would keep your property values soaring. But in fact, kitchen cabinets are one upgrade that isn’t worth the cost because any increase in value you might see won’t actually equal to what you’ve spent on the job.
If the kitchen cabinets in your rental are in categorically dismal shape, you should properly replace them with something very good and functional. Otherwise, a good cleaning or a coat of paint or stain is all your cabinets need to keep them looking stunning and certainly 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 plead for upgraded blinds, valences, or drapery systems.
But while owners expect residents to make a rental home comfortable, there’s no significant benefit to providing any window treatments beyond some particularly nice but essential blinds or shutters. Fancy window treatments don’t add a lot to the overall value of your property and are tied so rather intimately to an individual style that they typically don’t have general appeal.
Trendy decorative features may not benefit tenants
Speaking of personal style, other decorative features like custom garage doors, costly paint colors, and so on seem like an effective way to fascinate and attract quality residents. But in reality, as with window treatments, the appeal of decorative features is a matter of personality. Because of this, upgrading beyond good quality, basic doors, windows, and interiors holds very minimal to no benefit for property owners.
Residents may be happy with trendy decorative features for a while, but as trends change, so will that charm. To set up a quality home with lasting appeal, avoid the recent trends and just implement the less exciting but generally more tried-and-true décor for rental homes.
Whether you’ve dealt with upgrades or not, rental property maintenance should habitually be a priority to maintain value. At Real Property Management of the Rockies, we guard and maintain your Fort Collins investment while bringing about favorable relationships with your residents. For more information regarding our property management services, please contact us online or at 970-658-0410.
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.
