Carefully planning to upgrade your single-family rental home once a year is not just a wise investment strategy but, on top of everything else, also a financial security measure. Just as rental homes must be regularly maintained, they should, in addition, be updated to keep them current and competitive in the market, thereby ascertaining a steady increase in property value through the years.
Property values throughout Kansas City rely really on the home’s condition, so investing a little to modernize and upgrade things now and then is worth the time and cost involved.
Though, take into consideration that not all upgrades present direct benefits for property owners. Certainly, some enhancements have 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
Fitting out new kitchen cabinets in your rental properties may indeed look like an upgrade that would benefit you and your residents. Your residents will be blessed with good cabinets, and you might believe that new cabinets would keep your property values rising. That being said, in actual fact, kitchen cabinets are one upgrade that isn’t worth the cost because any increase in value you might see won’t be the same as what you’ve spent on the job.
If the kitchen cabinets in your rental are in obviously dismal shape, you should, accordingly, replace them with something new and sturdy. Otherwise, a good cleaning or a coat of paint or stain is all your cabinets need to keep them pretty and still useful.
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 a few tip-top 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 hardly have general appeal.
Trendy decorative features may not benefit tenants
Speaking of personal style, other decorative features like custom garage doors, elegant paint colors, and so on seem like the best solution to draw in quality residents. But same as with window treatments, the appeal of decorative features is a matter of personality. Accordingly, upgrading beyond good quality, basic doors, windows, and interiors holds very little to no benefit for property owners.
Residents may so like trendy decorative features for a short while, but as trends change, so will that allurement. To bring about a quality home with lasting appeal, avoid the current trends and observe the less exciting but notably more tried-and-true décor for rental homes.
Whether you’ve done any upgrades or not, rental property maintenance should systematically be a priority to maintain value. At Real Property Management Principles, we keep an eye on your Kansas City investment while developing trusting relationships with your residents. For more information pertaining to our property management services, please contact us online or at 816-890-9800.
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.
