Nationwide, vinyl siding is one of the residential properties’ most popular siding materials. However, is vinyl siding a smart choice for your Stone Oak single-family rental property? Similar to any other building material, there are pros and cons to choosing vinyl siding. However, by examining comparable properties in your local rental market and the cost benefits of different forms of siding, you can be able to decide which style of the exterior would work best for your rental property.
Comparable Properties
One of the most critical considerations when choosing a type of siding for your rental home is what the other homes in the neighborhood appear. Maybe the biggest reason vinyl siding is such a preferred alternative for home exteriors is its inexpensiveness. Compared with other types of materials, vinyl siding is one of the finest deals. It is also relatively simple to install, which can significantly reduce those costs. In connection with budget-friendly options, vinyl is the clear frontrunner for rental home exteriors.
Yet, if the other homes in your local rental market all have stucco, brick, or other exterior materials, using siding could hurt you financially. This is because if your rental property looks less expensive than the houses nearby, renters might be concerned that the Stone Oak property manager is cutting corners and may not do a good job of keeping up with property maintenance and repairs. Additionally, putting siding when comparable properties do not may force your property’s value to go down. Thus, before choosing any vinyl siding purchases, look at similar properties in your rental market first.
Cost Benefits
If vinyl siding is widely used in your rental market, there are several obvious benefits to installing the same on your property. In addition to being low-cost, vinyl siding is versatile and has long-lasting durability. Vinyl siding is obtainable in a variety of styles and colors, all of which are waterproof and fade-resistant. That ensures that once the siding is installed, it should survive for numerous years before it starts to show much wear. Vinyl siding is easy to clean with a pressure washer and does not retain or absorb moisture. So for rental properties in humid climates, vinyl siding might be the cost-effective solution you need to keep your rental home’s curb appeal going strong.
Drawbacks to Siding
Sadly, there are some drawbacks to vinyl siding. One of the biggest reasons you may opt not to install vinyl siding on a rental house, even if other houses in your market have vinyl siding, is because while it is durable, it can be easily dented and scratched. If there are trees or shrubs around your rental property’s exterior walls, those branches could create permanent damage to the vinyl siding. Tenants aren’t typically the most successful at keeping plants well-trimmed, so the danger of overgrown trees should be anticipated before installing vinyl siding.
Another major consideration is whether and how vinyl siding fits into your tax planning. According to the IRS, vinyl siding is an improvement, not a repair. This suggests that you will need to depreciate the cost of the siding over several years rather than be able to deduct the entire expense in the year of purchase. Even though vinyl siding is an affordable solution, it is not exactly cheap and will consume a large investment of cash to complete. Determining how much of the cost you can carry as a multi-year tax deduction can aid you in determining whether vinyl siding is appropriate for your rental properties.
Finally, it is up to you to choose whether vinyl siding is the best solution for your rental homes. Once you do, however, then the actual process of selecting a reliable vendor begins. All this analysis and research can consume a considerable amount of time you could spend on more profitable investing activities instead.
So, consider the opportunity of working with Real Property Management Campanas. We can help you figure out which exterior siding options work best for your rental properties. We recommend respected vendors with proven track records and professionals who will do the job efficiently and at a fair price. Contact us online or call today to discover more regarding what we offer!
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