When creating your strategy for your rental properties, it is always best to plan. You do not want to overdo the upgrades nor do you want to play them down. The secret is to make some time and prepare ahead of time. Just as rental homes need to be consistently maintained, so should they be updated on a regular basis to keep them up to date and competitive in the market. Making the upgrades to your single-family rental homes is tricky as property values throughout Pleasanton rely heavily on the status of the home, which is why it is wise to set aside a small amount to take care of the necessary upgrades. That way you can maximize your return on investment.
You want to make sure the upgrades you will be making pay off; they have to have direct benefits for you. Some of these upgrades have advantages, but mostly it is for the residents and doesn’t contribute much to the overall value of the property nor does it help in protecting your investment.
Take this situation for instance-installing new kitchen cabinets. Perhaps one of the most common upgrades that are being considered by everybody and while it would seem like it would benefit both you and your residents, the reality is there is more for the residents than for the owner. Your residents will be happy with the quality cabinets, and you may think that these new cabinets would boost your property values only to find out later on that it is not worth the cost and the efforts for the job. Consider changing a coat of paint or stain instead as maybe that is all your cabinets need to keep them beautiful, or perhaps even just a good cleaning will do the job. Be careful though, because if your kitchen cabinets in your rental are in genuinely horrible shape, then without a doubt, you should replace them.
One more upgrade that benefits the residents of a rental home more than the owner is high-end window treatments. Residents will always try and seek for upgraded blinds, valences, or drapery systems to alter their space. But although owners assume that their residents will make an effort to make a rental home cozy, there’s no actual benefit to providing any window treatments beyond some quality but basic blinds or shutters. Fancy window treatments don’t add a lot to the overall value of your property and are tied so strongly to an individual style that they rarely have wide appeal.
And speaking of personal style, these decorative features such as custom garage doors, trendy paint colors, and so on might seem like an excellent way to attract quality residents. Reality is, just like window treatments, the appeal of decorative features is subjective. For this reason, upgrading beyond good quality, basic doors, windows, and interiors contains limited to no benefit for property owners.
Residents may enjoy popular 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 clearly more tried-and-true décor customary to rental homes.
Provided that you’ve made upgrades or not, rental property maintenance always has to be a priority to sustain value. At Real Property Management Masters, we are devoted to defending your investment while forging significant relationships with your residents. For more information about our property management services, please contact us online or call us directly at 510-398-8704.
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.