Appropriately planning to upgrade your single-family rental home once a year is not just a wise investment strategy but, on top of that, a financial security measure. Just as rental homes must be regularly maintained, they should likewise be updated to keep them current and competitive in the market, thereby warranting a steady increase in property value in due time.
Property values throughout Miami rely especially on the home’s condition, so investing a little to revamp and upgrade things sometimes is worth the time and cost involved.
Nonetheless, not all upgrades endow direct benefits for property owners. Actually, a number of enhancements have noticeable advantages for residents but actually don’t add much to the property’s value or help protect your investment better.
Reasonable upgrades to maintain property value
Including new kitchen cabinets in your rental properties may be like an upgrade that would benefit you and your residents. Your residents will be ecstatic with tip-top cabinets, and you might conclude that new cabinets would keep your property values escalating. But contrary to that, kitchen cabinets are one upgrade that isn’t worth the cost because any increase in value you might see won’t be really the same as to what you’ve spent on the job.
If the kitchen cabinets in your rental are in doubtless dismal shape, you should appropriately replace them with something new and amazing. Otherwise, a good cleaning or a coat of paint or stain is all your cabinets need to keep them excellent.
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 suitably customize their space, residents may appeal for upgraded blinds, valences, or drapery systems.
But while owners expect residents to make a rental home comfortable, there’s no serious benefit to providing any window treatments beyond several top-caliber but essential blinds or shutters. Fancy window treatments don’t add a lot to the overall value of your property and are tied so deeply to an individual style that they hardly have general appeal.
Trendy decorative features may not benefit tenants
Speaking of personal style, other decorative features like custom garage doors, fancy paint colors, and so on seem like a great manner to attract quality residents. But take note, as with window treatments, the appeal of decorative features is a matter of personality. That is precisely why, upgrading beyond good quality, basic doors, windows, and interiors holds trifling to no benefit for property owners.
Residents may have fun with trendy decorative features for a moment, but as trends change, so will that fascination. To give rise to a quality home with lasting appeal, avoid the latter trends and keep in mind the less exciting but assuredly more tried-and-true décor for rental homes.
Whether you’ve done upgrades or not, rental property maintenance should, at all times, be a priority to maintain value. At Real Property Management Dade, we suitably care for your Miami investment while building up terrific relationships with your residents. For more information regarding our property management services, please contact us online or at 305-501-1511.
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