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 Marlborough 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. Actually, some upgrades have all the advantages lined up for the resident and not the owner. They fail to increase the general property value or protect your real estate investment. It’s important for you to study the options you have before making any large updates to your rental property in Marlborough.
For instance, when thinking of a way to upgrade your rental properties, you might go for installing new kitchen cabinets thinking that this would benefit both you and your residents. Your residents will be glad to have quality cabinets in their kitchen, and you may think that these new cabinets would pull up your property values. 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. If the kitchen cabinets in your rental home are in terrible shape, you should surely replace them 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 receive requests from residents for upgraded blinds, valences, or drapery systems to customize their space to fit their wants. But while owners assume residents making their rental home comfortable, there’s no real value 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 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 ornamental features can vary hugely 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 a permanent appeal, avoid the latest trends and cling to the less exciting but unmistakably more tried-and-true décor themes that are commonly seen in other rental homes.
Whether you’ve made upgrades or not, the priority will always be property maintenance. Consistent upkeep of your rental property will go a long way in maintaining its value. At Real Property Management Metro West-Worcester, we are devoted to protecting your investment while developing great relationships with your residents. For more information about our property management services, please contact us online or call us directly at 508-329-6000.
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