Having yearly regular upgrades to your single-family rental home is a smart investment strategy. Just as they need to be consistently maintained, rental homes have to be updated as well for them to stay up to date and competitive in the market. Property values in Duluth are heavily dependent on the status of the home both inside and out, so investing a little to upgrade things every now and then is worth the time and the cost involved.
Still, not all upgrades have direct benefits for property ownerhttps://www.rpmgreateratlanta.com/areas-we-serve/duluth-property-managements. In actuality, some upgrades have distinct advantages for residents but not really boosting the overall property value or securing your real estate investment. You need to weigh your options wisely before doing major updates on your Duluth rental property.
For example, installing new kitchen cabinets in your rental properties feels like an upgrade that would benefit both you and your residents. Your residents are going to like the quality cabinets, and you might think that new cabinets are going to keep your property values’ upward trend. Nevertheless, kitchen cabinets are one upgrade that isn’t normally worth the cost since any likely value increase will probably be less than what has been spent. If the kitchen cabinets in your rental are in really bad shape, you definitely should replace them with something better. Otherwise, all your cabinets need is just a nice cleaning or perhaps a coat of paint or stain to keep them looking good.
Yet another upgrade that has far more benefits for the residents than for the owner of a rental home is high-end window treatments. You might have residents requesting for upgraded blinds, valences, or drapery systems to customize their space. But, while owners expect residents to feel comfortable in a rental home, there’s no actual benefit to offering any window treatments beyond standard blinds or shutters. Lavish window treatments don’t really increase the overall value of your property and are so strongly connected to an individual style that they rarely have widespread appeal.
Speaking of personal style, other decorative elements such as custom garage doors, trendy paint colors, and so on might seem like a good means of attracting quality residents. However, as with window treatments, the appeal of decorative features varies wildly from person to person. Due to this reason, upgrading past good quality, basic doors, windows, and interiors holds little to no benefit for property owners. To have a quality rental home with lasting appeal, skip the latest trends and stick to the less exciting but more trustworthy décor themes that are typically seen in other rental homes.
Rental property maintenance should always be a priority so as to maintain value whether you’ve performed upgrades or not. At Real Property Management Executives Greater Atlanta, we are committed to securing your investment while building great relationships with your residents. For more information about our property management services, please contact us online or call us directly at 678-504-8580.
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