Every year, set aside time for planning upgrades to your single-family rental home. The regular updating of your investment is a sound strategy. We all know the need for regular maintenance but we must also think about regular updates to your rental homes. This is what keeps them current and competitive in the market. Property values throughout Killeen are dictated by the condition of the home both inside and out. If the condition is good, then the values are good. If the condition is bad, then the values are likewise pulled down. Consequently, investing a little to upgrade things from time to time is worth the increase of property value that it brings.
However, there are some types of upgrades that don’t offer direct benefits for property owners. In truth, some upgrades give all the advantages to the resident alone, failing to increase the property value or protect your real estate investment. It’s really important to consider your options carefully before making any huge updates to your rental property in Killeen.
For example, when you upgrade your rental properties, you would want to go for something that would benefit both you and your residents; and you may think that installing new kitchen cabinets would do the trick. Your residents will undoubtedly be happy with new cabinets and this might make you conclude that new cabinets drive up property values. However, kitchen cabinets are one upgrade that isn’t usually worth the cost. Any increase in value that it may have on your property is often less than what you’ve spent to have it installed. If the kitchen cabinets in your property are in truly bad shape, you should absolutely replace them with something better. Otherwise, a thorough cleaning or maybe a coat of paint or stain is really all that is needed to keep your cabinets nice.
Another example of an upgrade that benefits the residents more than the owner of the rental home is high-end window treatments. You may receive requests from residents for upgraded blinds, valences, or drapery systems to customize their space to fit their wants. But while owners anticipate residents to make changes to a rental home so it would suit their wants, there is no real benefit to giving them any window treatments beyond standard blinds or shutters. Fancy window treatments are so closely tied to personal style and don’t add a lot of value to your property that they very rarely have universal appeal.
Speaking of unique style, other ornate features like custom garage doors, fashionable paint colors, and so on might look like a good move to bring quality residents. But as with window treatments, the interest of decorative characteristics can vary greatly from person to person. For this reason, upgrading beyond great quality, basic doors, windows, and interiors holds little to no gain for property owners. To create a quality rental home with enduring appeal, dodge the latest trends and hold to the less exciting but definitely more tried-and-true décor themes that are generally found in other rental homes.
Whether or not you’ve made upgrades, your priority should remain the same: proper maintenance of your property. A well maintained rental home will keep its value for a really long time. At Real Property Management Talent, we are devoted to protecting your investment while developing great relationships with your residents. For additional information about our property management services, please contact us online or call us directly at 254-401-0400.
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