Planning for annual routine upgrades to your single-family rental home is a good investment strategy. As much as rental homes have to be maintained regularly, they have to be updated as well to keep them modern and competitive in the market. Property values all over Grand Rapids depend so much on the state of the home both inside and out, so investing a bit to upgrade things every now and then is worth the time and the cost involved.
However, not all upgrades have direct benefits for property owners. Actually, some upgrades have distinct advantages for the residents but don’t increase the overall property value or protect your real estate investment. You need to think of your options carefully before making any big updates to your rental property in Grand Rapids.
For instance, installing new kitchen cabinets in your rental properties might seem like an upgrade that would benefit both you and your residents. Your residents are going to enjoy quality cabinets, and you might believe that new cabinets would keep boosting your property values. However, kitchen cabinets are one upgrade that isn’t usually worth the cost, because any potential increase in value is typically less than what you’ve spent on them. If the kitchen cabinets in your rental are really in poor shape, you should definitely replace them with something better. Other than that, a good cleaning or perhaps a coat of paint or stain is really all your cabinets need to keep them nice.
Another upgrade that has far more benefits for the residents than for the owner of a rental home is high-end window treatments. You might discover that your residents are asking for upgraded blinds, valences, or drapery systems to customize their space. But, while owners expect residents to make a rental home comfortable, providing any window treatments beyond standard blinds or shutters is really not beneficial. Fancy window treatments don’t add a lot to the overall value of your property and are so strongly connected to an individual style that they hardly have widespread appeal.
Speaking of personal style, other decorative elements like custom garage doors, trendy paint colors, and so on might seem like a good way to bring in quality residents, but much like window treatments, the appeal of decorative features can vary so much from person to person. Because of this, upgrading beyond good quality, simple doors, windows, and interiors gives little to no benefit to property owners. To have a quality rental home with lasting appeal, avoid the latest trends and stick to the less exciting but definitely more reliable décor themes that are commonly found in other rental homes.
Whether you’ve made upgrades or not, rental property maintenance should always be prioritized in order to maintain value. At Real Property Management Investment Solutions, we are dedicated to safeguarding your investment while building great relationships with your residents. For further information regarding our property management services, please contact us online or call us directly at 616-419-8880.
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