A storage shed can be a wonderful add-on to a Nashville single-family rental property. However, a storage shed can similarly be a potential liability. This can make it a real challenge to know whether adding or removing a storage shed from your rental property is suitable. Learning all you can about the pros and cons of storage sheds and if they should be eliminated can make that decision easier.
What Value Does a Shed Offer?
If your property already has a storage shed or you’re considering adding one, here are some things you should consider. According to appraisal experts, sheds do not add much to a property’s value. The benefits of getting a shed to come from somewhere else. This is especially crucial to understand if you are considering building or installing a shed on a rental property that doesn’t already have one. Even though a basic shed can be comparatively inexpensive, there is an investment cost to consider.
In addition, there are other pros and cons that you should consider before making your decision.
Pros: Attract New Tenants
The money you spend on a shed will more often than not convert into a higher resale value but may help make your property more attractive to long-term renters. This is especially true if your rental home doesn’t have enormous closets, storage areas, or a garage. In such cases, a shed may help you attract and retain tenants who are happy to pay a little extra for the convenience of having on-site storage space.
Another potential upside to having a shed on your property is the chance for your tenant to use it as additional space. The trends of a “she-shed” or “man-cave” have been popular for a while and don’t seem to be going anywhere anytime soon. There are numerous options for utilizing a small space separate from the home, such as hobbies that aren’t suitable for indoors. If your tenants enjoy woodworking or other messy projects, this may be a cost-effective way to attract new, higher-paying tenants to your rental.
Cons: Potential Headaches
Of course, a storage shed may not appeal to all market tenants. This makes understanding your local market and your target renter so important. For example, an increasing number of renters, even those who want single-family rental homes, are either minimizing their possessions or hiring service companies to help them take care of their homes. In either case, the tenant has fewer personal possessions and will not want to pay more for a rental home with a shed.
From a Nashville property manager’s perspective, having a shed on the property might also bring a few unwelcome problems. A storage shed will require maintenance, adding to the time and expense of property upkeep. Furthermore, tenants may overfill or misuse the shed, leading to structural damage or even an insect or rodent problem. If this happens, your property values could suffer as a result. For this reason, some property owners may find removing an existing shed, even one in good condition, the best option.
So…Keep or Build a Shed – Or Not?
Keeping or removing a shed is not a decision to make lightly. But if your property already has a storage shed, you must address whether or not to remove it at some point. Over time, all structures deteriorate. Once a shed has outlived its useful life, it may become both an eyesore and a liability issue. Sagging roofs, warped doors, insect damage, and rust can all turn a shed into a safety hazard for you and your tenants. If any or all of these conditions have developed, failing to remove the shed could result in a lawsuit should someone get hurt. If you do decide to remove the shed, it is essential to follow proper safety procedures or hire a reputable contractor to do it for you.
The decision to add or remove a shed necessitates careful research and planning. But such actions are necessary to ensure that you have made the right decision for you, your tenants, and your investing future.
Real Property Management Key Response is here to help investors with tricky questions like what to do with a shed on your investment property. We can advise you on everything from maintenance to tenant relations. To learn more about what we can do for you and your investments, call us at 615-953-8700 or contact us online.
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