Making small upgrades to your single-family rental homes each year is a wise investment. Rental homes should not only be consistently maintained but also upgraded to preserve their market value. Property values in Marysville are largely dependent on the appearance of the home, which is why making upgrades to your rental home once in a while is worth the time and expense involved.
However, it is important to remember that while some upgrades are beneficial for property owners, there are many upgrades residents might ask for that won’t be worth the cost. For example, installing new kitchen cabinets in your rental properties may seem like an upgrade that would benefit both you and your residents. Your residents would be delighted with new cabinets, and you might think that the new cabinets would increase your property value. However, upgrading the kitchen cabinets isn’t always worth the cost. The increase in the value of your property would likely not match the cost of new cabinets. Of course, if the kitchen cabinets in your rental are in bad condition, then you should replace or, at the very least, clean and repaint them.
High-end window treatments are another upgrade that benefits the residents more than the value of the property. Residents might ask for upgraded blinds, valences, or drapery systems, but the best value for property owners would be to stick with basic blinds or shutters. Intricate window treatments won’t increase your property value very much, especially because they are usually specific to a certain style.
Other personalized design features, like custom garage doors and trendy paint colors, might seem like they would attract residents, but, as with window treatments, the influence of decorative features is not always positive. As a result, upgrading beyond simple doors, windows, and paint colors has little to no benefit for property owners.
Residents may want the latest cosmetic features for a while, but trends change quickly. To create an appealing rental home, resist adding trendy items and stick with simple, proven designs.
Whether you’ve recently upgraded your property or not, rental property maintenance should always be a priority to preserve a property’s value. At Real Property Management North Puget Sound, we are committed to protecting your investment while building lasting relationships with your residents. For more information about our property management services, please contact us online or call us directly at 425-903-8500.