Determining to upgrade your single-family rental home year after year is not just a wise investment strategy but, in addition, a financial security measure. Just as rental homes must be regularly maintained, they should similarly be updated to keep them current and competitive in the market, thereby making sure of a steady increase in property value after some time.
Property values throughout Hoffman Estates rely inherently on the home’s condition, so investing a little to rehabilitate or retouch things occasionally is worth the time and cost involved.
But on the other hand, not all upgrades extend direct benefits for property owners. In truth, some enhancements have indeed clear advantages for residents but don’t add much to the property’s value or help protect your investment better.
Reasonable upgrades to maintain property value
Putting on new kitchen cabinets in your rental properties may truly seem as an upgrade that would benefit you and your residents. Your residents will be quite happy with prime cabinets, and you might figure those new cabinets would keep your property values going higher. But, as a matter of fact, kitchen cabinets are one upgrade that isn’t worth the cost because any increase in value you might see won’t actually match up to what you’ve spent on the job.
If the kitchen cabinets in your rental are in clearly dismal shape, you should accordingly replace them with something ideal. Otherwise, a good cleaning or a coat of paint or stain is all your cabinets need to keep them looking perfect.
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 personalize their space, residents may ask for upgraded blinds, valences, or drapery systems.
But while owners expect residents to make a rental home comfortable, there’s no true benefit to providing any window treatments beyond some excellent but essential blinds or shutters. Fancy window treatments don’t add a lot to the overall value of your property and are tied so intimately to an individual style that they certainly have less general appeal.
Trendy decorative features may not benefit tenants
Speaking of personal style, other decorative features like custom garage doors, bright paint colors, and so on seem like a great way to pull in quality residents. Though as with window treatments, the appeal of decorative features is a matter of personality.
Consequently, upgrading beyond good quality, basic doors, windows, and interiors holds so very few to no benefit for property owners.
Residents may admire trendy decorative features for quite a long time, but as trends change, so will that attraction. To establish a quality home with lasting appeal, avoid the new trends and comply with the less exciting but admittedly more tried-and-true décor for rental homes.
Whether you’ve completed upgrades or not, rental property maintenance should indeed always be a priority to maintain value. At Real Property Management NW Chicago Suburb, we take proper care of your Hoffman Estates investment while establishing beneficial relationships with your residents. For more information with regards to our property management services, please contact us online or at 847-737-4800.
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.
