Planning annual upgrades to your single-family rental home is a great investment strategy. Just as rental homes need to maintained regularly, they should also be updated. This is what keeps them current and competitive in the market. Property values throughout Smyrna rely heavily on the condition of the home. If either the outside or inside of the home is in poor condition, the property values would reflect it. Similarly, if you invest a little to upgrade things from time to time, the increase in property values would be worth the time and cost involved.
However, though some upgrades offer direct benefits for property owners, there are some upgrades that do not. In reality, there are some upgrades with advantages for the residents and little to none for the property owner, since it fails to grow the property value or protect your real estate investment. It’s really crucial to look at your options closely and carefully before you decide to make any major updates. A decision like this affects your rental property in Smyrna and therefore shouldn’t be taken lightly.
For example, in an effort to upgrade your rental properties, you might think of installing new kitchen cabinets. It would seem that this would benefit both you and your residents. You might think that because your residents want quality cabinets, that installing new cabinets would undoubtedly make your property values go up. However, the effect new kitchen cabinets have on your property values isn’t big enough to offset its cost. This upgrade isn’t typically worth what you spend on it. Now, if the kitchen cabinets are in truly dismal shape, this would greatly affect your values and you should definitely have them replaced with something better. Otherwise, a good cleaning or perhaps a coat of paint or stain is all that your cabinets require to keep them in good condition.
Another upgrade that is more beneficial for the residents than the owner of a rental property is high-end window treatments. You may get requests from residents asking for upgraded blinds, valences, or drapery systems to modify their space. But while owners anticipate residents wanting to make their rental home comfortable, there’s no actual benefit to providing any window treatments beyond standard blinds or shutters. Fancy window treatments don’t really add much to the overall value of your property and it’s closely connected to an individual style that they usually have limited appeal.
Speaking of personal style, other decorative features such as custom garage doors, trendy paint colors, and so on might seem like a genuine approach to attracting quality residents. But as with window treatments, the interest of decorative characteristics can vary greatly from person to person. For this reason, upgrading beyond excellent quality, basic doors, windows, and interiors holds little to no benefit for property owners. To create a quality rental home with enduring appeal, dodge the latest trends and hold to the less exciting but definitely more tried-and-true décor themes that are generally found in other rental homes.
Whether or not you’ve made upgrades, your priority should remain the same: proper maintenance of your property. A well maintained rental home will keep its value for a really long time. At Real Property Management East Cobb, we have committed ourselves to protect your investment while establishing great relationships with your residents. For additional information about our property management services, please contact us online or call us directly at 770-622-5657.