Planning for annual regular upgrades to your single-family rental home is a good investment strategy. As much as rental homes have to be maintained consistently, they have to be updated as well for them to stay modern and competitive in the market. Property values in Gonzales depend so much on the state of the home both inside and out, so doing some investing to upgrade things every now and then is worth the time and the cost involved.
However, not all upgrades provide direct benefits for property owners. In actuality, certain upgrades give specific advantages to residents but don’t really elevate the overall property value or safeguard your real estate investment. It’s crucial to really consider your options before deciding on doing major updates for your Gonzales rental property.
For instance, installing new kitchen cabinets in your rental properties may feel like an upgrade that would benefit both you and your residents. Your residents will enjoy quality cabinets, and you might believe that new cabinets would keep on increasing your property values, but kitchen cabinets are an upgrade that isn’t usually worth the cost because any potential value increase is often less than the what was spent on the project. You should absolutely replace them with something better if your rental’s kitchen cabinets are in really poor shape. Otherwise, a good cleaning or perhaps a coat of paint or stain is really all your cabinets need to keep them nice.
Yet another upgrade that benefits the residents more than the owner of a rental home is high-end window treatments. Your residents may be asking for upgraded blinds, valences, or drapery systems to customize their space. However, while owners want residents to feel comfortable in a rental home, there’s no real benefit to having any window treatments beyond standard blinds or shutters. Fancy window treatments don’t add much to the overall value of your property and are so strongly tied to an individual style that they usually don’t have widespread appeal.
Speaking of personal style, other decorative features such as trendy paint colors, custom garage doors, and so on might seem like a good means of attracting quality residents. But, as with window treatments, the appeal of decorative features varies so much from person to person. Because of this reason, upgrading past good quality, basic doors, windows, and interiors holds little to no benefit for property owners. For a quality rental home with lasting appeal, avoid the latest trends and stick to the less exciting but more trustworthy décor themes that are usually seen in other rental homes.
Whether you’ve done upgrades or not, rental property maintenance should always be prioritized in order to maintain value. At Real Property Management Baton Rouge, we are dedicated to protecting your investment while also forging great relationships with your residents. For further information about our property management services, please contact us online or give us a call directly at 225-389-6860.