Perhaps the smartest investment strategy that you as an owner can come up with is to plan on making some upgrades to your single-family rental homes each year. The same way rental homes’ maintenance has to be done on a regular basis, so should be keeping them current and competitive by keeping them updated. Property values all throughout Round Rock depend so much on what is the condition of the home, which is why it makes perfect sense to save some dollars for the purposes of upgrading things now and then.
Be advised though; not all upgrades offer direct benefits for property owners. As a matter of fact, some of these upgrades give so much more for the residents and don’t really help in increasing the value of the property or help you protect your investment any better.
For instance, installing new kitchen cabinets in your rental properties may sound like an upgrade that would benefit both you and your residents. Your residents will be pleased with sturdy new cabinets, and you might think that this, in turn, would keep your property values going up. The sad reality is, kitchen cabinets are one upgrade that isn’t ultimately worth the cost. If you think more about it, if there would be any increase in value you would see, it probably won’t be comparable to what you’ve exhausted for the job. If the kitchen cabinets in your rental are in a moderately miserable state, you should surely replace them with something better. If not, a good cleaning or possibly a coat of paint or stain could be all your cabinets need to keep them nice.
Another upgrade that has proven to benefit the residents of a rental home more than the owner is high-end window treatments. Residents may request for upgraded blinds, valences, or drapery systems to alter their space. Though owners expect residents to make a rental home suitable, there’s no real benefit to providing any window treatments beyond some quality but basic blinds or shutters. Decorative window treatments don’t contribute much to the general value of your property and are bound so strongly to an individual style that they seldom have broad appeal.
Speaking of personal style, other decorative features like custom garage doors, trendy paint colors, and so on might seem like an excellent way to attract 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 contemporary decorative features for a while, but as trends change, so too will that appeal. To create a quality rental home with lasting appeal, avoid the latest trends and stick to the less exciting but more tried-and-true décor normal to rental homes.
Whether you’ve made upgrades or not, rental property maintenance should always be a priority to maintain value. At Real Property Management LoneStar, we are steadfast in protecting your investment while fostering great connections with your residents. For more information about our property management services, please contact us online or call our Austin office at 512-520-9060 or our Dallas office at 972-949-2000.
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.