Every year, think of how you plan to update your property since regular upgrades to your single-family rental home is a smart investment move. Just as regular maintenance is needed for rental homes, they should also be kept updated to keep them competitive in the market. The property values throughout Brentwood heavily depends on the condition of the home both inside and out. A property in poor condition would bring down its value. This is why investing to upgrade things from time to time is worth it. Every upgrade pushes the property value higher.
However, though some upgrades directly benefit the property owner, other upgrades don’t. In truth, some upgrades give all the advantages to the resident alone, failing to increase the property value or protect your real estate investment. You must scrutinize your options carefully before making any big updates to your rental property in Brentwood. This decision should not be taken lightly.
For instance, when thinking of a way to upgrade your rental properties, you might go for installing new kitchen cabinets thinking that this would benefit both you and your residents. Your residents will undoubtedly be happy with new cabinets and this might make you conclude that new cabinets drive up property values. However, the effect kitchen cabinets have on your property values are so small that it is typically not worth the cost of installing it. In this case, the cost of the upgrade outweighs its benefits. If the kitchen cabinets in your rental home are in terrible shape, you should surely replace them with something better. Otherwise, a thorough cleaning or maybe a coat of paint or stain is really all that is needed to keep your cabinets nice.
Another example of an upgrade for a rental home that benefits the residents more than the owner is high-end window treatments. You may notice that residents request for upgraded blinds, valances or drapery systems to customize the look and feel of their space. But while owners assume residents making their rental home comfortable, there’s no real value to providing any window treatments beyond standard blinds or shutters. Fancy window treatments have little to no effect in increasing the value of your property. On top of that, it is tied so strongly to an individual style that they very rarely have broad appeal.
Speaking of one’s own style, other beautifying features like custom garage doors, stylish paint colors, and so on might seem like a valid idea to bring quality residents. But as with window treatments, the appeal of ornamental features can vary hugely from person to person. For this reason, upgrading beyond good quality, basic doors, windows, and interiors carries little to no benefit for property owners. To produce a quality rental home with lasting appeal, avoid the freshest trends and stick to the less exciting but unquestionably more tried-and-true décor themes that are ordinarily found in other rental homes.
Whether or not you’ve made upgrades, the chief priority, in order to maintain value, should constantly be the maintenance of your rental property. At Real Property Management One, we are committed to protecting your investment while forming exceptional relationships with your residents. For additional information about our property management services, please contact us online or call us directly at 925-794-8339.