Planning to upgrade your single-family rental homes yearly is a bold investment strategy. Just as rental homes need to be taken care of, they must also be improved to stay in the market. Property values all over Apopka lean deeply on the quality of the home, which is why spending a little to upgrade things every now and then is worth the time and money spent.
Yet not all upgrades allow upfront benefits for property owners. Some upgrades can be enjoyed by residents but don’t add much to the value of the property or aid you in safeguarding your investment.
For instance, installing new kitchen cabinets in your rental properties may seem like an upgrade that would benefit both you and your residents. Your residents will be happy with reliable cabinets, and you will not have to worry about old cabinets sending your property values spiraling. Despite everything, kitchen cabinets are one upgrade that isn’t relatively worth the price, because any rise in value you would see won’t equal what you’ve paid on the job. If the kitchen cabinets in your rental are in bad condition, then you should replace them with something more sophisticated or give them a decent cleaning or a new coat of paint or stain.
Another upgrade that has considerably more benefits for the residents of a rental house than for the owner is high-end window treatments. Residents can add upgraded blinds, valences, or drapery systems to their space, but there’s no actual benefit to adding any window treatments beyond some quality but basic blinds or shutters. Custom window treatments don’t add much to the whole value of your property and are bound so greatly to an individual style that they hardly ever appeal to everyone.
Relating to personal style, other attractive features like custom garage doors, popular paint colors, and so on seems like a good way to entice premium residents. But as with window treatments, the interest in ornate features is a matter of character. That is why upgrading doors, windows, and interiors beyond good condition carries little to no benefit for property owners.
Residents can appreciate popular ornate features temporarily, but as styles adjust, so too will that influence. To produce an outstanding rental home with lasting influence, avoid the newest styles and stick to the less sensational but more conventional furnishings for your rental households.
Whether you’ve made upgrades or not, rental property care should always be your first concern in regard to the worth of your property. At Real Property Management Freedom, we are keen on securing your asset while forming awesome connections with your residents. For more information about our property management services, please contact us online or call us directly at 407-624-4706.