A solid investment strategy is the regular upgrades to your single-family rental home. Every year, plan how you will update your property. Just as how rental properties need regular maintenance, so do they also need regular updating. It is what keeps them current and competitive in the market. Property values throughout Newburgh depend on the state of the home. If either the inside or outside of the home is problematic, the property values would reflect it. This is why investing to upgrade things— even if it’s just a little and done from time to time— is worth the time and cost.
However, not all upgrades directly benefit the property owners. In fact, some upgrades have distinct advantages for the residents and the residents alone. These upgrades fail to grow the overall property value or protect your real estate investment. It’s really important to consider your options carefully before making any huge updates to your rental property in Newburgh.
For instance, to upgrade your rental property, you might think of installing new kitchen cabinets. And it does seem like it would benefit both you and your residents. Truly, your residents will most likely be happy with the quality cabinets, and this might lead you to believe that new cabinets increase property values. However, kitchen cabinets are one upgrade that isn’t usually worth the cost. Any increase in value that it may have on your property is often less than what you’ve spent to have it installed. If the kitchen cabinets in your rental home are in very bad shape, you really should have them replaced with something better. Otherwise, a good cleaning or possibly a fresh coat of paint or stain is all that is needed to keep your cabinets nice.
Another example of an upgrade that benefits the residents more than the owner of the rental home is high-end window treatments. You may hear requests from residents asking for upgraded blinds, valences, or drapery systems to customize their space. But while owners expect residents to do what they can to make their rental home comfortable, there is no real gain to providing any window treatments beyond standard blinds or shutters. Fancy window treatments have a very limited appeal because they are tied so tightly to an individual style and they don’t add a lot of value to your rental home.
Speaking of individual style, other ornamental features like custom garage doors, contemporary paint colors, and so on might appear to be a good way to draw quality residents. But as with window treatments, the appeal of fancy features can vary considerably from person to person. For this reason, upgrading beyond good quality, basic doors, windows, and interiors gives little to no benefit for property owners. To create a quality rental home with enduring appeal, avoid the latest trends and adhere to the less exciting but definitely more tried-and-true décor themes that are usually found in other rental homes.
Whether you’ve made upgrades or not, rental property maintenance should constantly be a priority in order to maintain value. At Real Property Management Results, we have dedicated ourselves to protect your investment while making great relationships with your residents. For added information about our property management services, please contact us online or call us directly at 812-461-1676.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
