Perhaps the smartest investment strategy you as an owner can do for is to make some upgrades to your single-family rental home each year. Just as rental homes need regular maintenance, they should also be updated to keep them current and competitive in the market. Property values throughout Reno tend to rely much on the home’s condition, which makes saving up to do some upgrade on things from time to time is worth the money and effort.
Be aware though because not every upgrade gives immediate benefits for property owners. Reality is these upgrades have definite advantages for the residents but don’t add much to the value of the property neither will it aid you in protecting your investment any better.
Like this popular example-installing new kitchen cabinets in your rental properties. It sounds like an upgrade that would benefit both you and your residents. Your residents will be pleased with quality cabinets, and you might think that new cabinets would keep your property values going up, only to find out later on that kitchen cabinets are one upgrade that isn’t quite worth the cost. Any gain in value you might notice won’t be equivalent to what you’ve exhausted on the project. If the kitchen cabinets in your rental are in genuinely sad shape, you should unquestionably replace them with a better one. Otherwise, meticulous sanitation and cleaning or maybe a coat of paint or stain are all your cabinets need to keep them nice.
One more upgrade that has obvious benefits for the residents of a rental home compared to the owner is high-end window treatments. Residents might request for upgraded blinds, valences, or drapery systems to modify their area. But then again, owners expect residents to make a rental home comfortable, there’s no actual benefit to providing any window treatments other than roughly excellent but basic blinds or shutters. Extravagant window treatments don’t compliment a lot to the whole value of your property and are tangled so strongly to a distinct style that they hardly ever have great appeal.
Speaking of personal style, further enhancing features like custom garage doors, trendy paint colors, and so on might give the impression like they are a decent method to entice quality residents. But as with window treatments, the appeal of decorative features is a matter of personality. For this reason, upgrading beyond good quality, basic doors, windows, and interiors holds little to no benefit for property owners.
Residents may enjoy popular decorative features for a while, but as inclinations turn, so too will that appeal. To create a quality rental home with lasting appeal, stay away from the latest trends and stick to the less exciting but more tried-and-true décor typical to rental homes.
Regardless if you’ve made upgrades or not, rental property maintenance should always be a priority to preserve value. At Real Property Management Corazon, we are committed to protecting your investment while building great relationships with your residents. For more information about our property management services, please contact us online or phone us immediately at 775-826-1414.
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.
