Meticulously planning to upgrade your single-family rental home consistently every year is not just a wise investment strategy, but indeed also a financial security measure. Just as rental homes must be regularly maintained, they should, over and above that, be updated to keep them current and competitive in the market, thereby ensuring a steady increase in property value in the long term.
Property values throughout Nashville rely hugely on the home’s condition, so investing a little to repair and upgrade things every now and then is worth the time and cost involved.
But really, take note that not all upgrades confer direct benefits for property owners. As a matter of fact, lots of enhancements have indeed distinct 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
Setting up new kitchen cabinets in your rental properties may, at first, look like an upgrade that would benefit you and your residents. Your residents will be exhilarated with the nice cabinets, and you might speculate that new cabinets would keep your property values going up. With that said, you may need to know that kitchen cabinets are one upgrade that isn’t worth the cost because any increase in value you might see won’t come up the same as to what you’ve spent on the job.
If the kitchen cabinets in your rental are in obviously dismal shape, you should absolutely replace them with something new and nice. Otherwise, a good cleaning or a coat of paint or stain is all your cabinets need to keep them acceptably delightful.
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 order upgraded blinds, valences, or drapery systems.
But while owners expect residents to make a rental home comfortable, there’s no actual benefit to providing any window treatments beyond a few fabulous but essential blinds or shutters. Fancy window treatments don’t add a lot to the overall value of your property and are tied so tenaciously to an individual style that they seldom have massive appeal.
Trendy decorative features may not benefit tenants
Speaking of personal style, other decorative features like custom garage doors, fashionable paint colors, and so on seem like the best means to tantalize and attract quality residents. Be that as it may, as with window treatments, the appeal of decorative features is a matter of personality. Consequently, upgrading beyond good quality, basic doors, windows, and interiors holds low to no benefit for property owners.
Residents may find pleasure in trendy decorative features momentarily, but as trends change, so will that desirability. To establish a quality home with lasting appeal, avoid the newest trends and follow the less exciting but distinctively more tried-and-true décor for rental homes.
Whether you’ve discharged or done upgrades or not, rental property maintenance should, at regular intervals, be a priority to maintain value. At Real Property Management Key Response, we care for your Nashville investment while building up perfect relationships with your residents. For more information with respect to our property management services, please contact us online or at 615-953-8700.
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