Preparing for yearly regular upgrades to your single-family rental home is a smart investment strategy. As much as rental homes need regular maintenance, they must also be updated for them to stay current and competitive in the market. Property values in and around Southwest Waterfront are heavily reliant on the internal and external conditions of the home, which is why investing a little to upgrade certain components from time to time is worth the cost and the time needed.
Still, not all upgrades offer direct benefits for property owners. In actuality, certain upgrades offer specific advantages for residents but don’t really boost the overall property value or protect your real estate investment. It’s crucial to thoroughly consider your options before deciding on any major updates for your Southwest Waterfront rental property.
For example, you might think that installing new kitchen cabinets is an upgrade that would benefit both you and your residents. Your residents would enjoy quality cabinets, and you might be thinking that new cabinets would keep your property values’ upward trajectory. But, kitchen cabinets are an upgrade that isn’t typically worth the cost since whatever value increase it may offer is usually less than the money spent on the project. If the kitchen cabinets in your rental are in really bad condition, you absolutely should replace them with something better. Otherwise, a good cleaning or maybe a coat of paint or stain is really all you have to do keep your cabinets looking nice.
Another upgrade benefits the residents more than the owner of a rental home is high-end window treatments. You may find that your residents are requesting for upgraded blinds, valences, or drapery systems to customize their space. But, while owners expect residents to make a rental home comfortable, there’s no real benefit to offering any window treatments beyond standard blinds or shutters. Fancy window treatments don’t add a lot to the overall value of your property and are tied so strongly to an individual style that they rarely have widespread appeal.
Speaking of personal style, other decorative features such as custom garage doors, trendy paint colors, and so on might seem like a good way to attract quality residents. However, as with window treatments, the appeal of decorative features can differ wildly from person to person. For this reason, upgrading beyond good quality, basic doors, windows, and interiors holds little to no benefit for property owners. To have a quality rental home with lasting appeal, avoid the latest trends and opt for the less exciting but definitely more tried-and-true décor themes commonly seen in other rental homes.
Whether you’ve performed upgrades or not, rental property maintenance should always be a priority in order to maintain value. At Real Property Management DC Metro, we are dedicated to protecting your investment while forging great relationships with your residents. For further information about our property management services, please contact us online or call us directly at 202-269-0303.
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