Planning for annual regular upgrades to your single-family rental home is a smart investment strategy. Just as rental homes should be regularly maintained, they must also be updated to keep them current and competitive in the market. Property values all over Marina del Rey rely heavily on the condition of the home both inside and out, so investing a bit to upgrade things from time to time is worth the time and the cost involved.
Then again, not all upgrades have direct benefits for property owners. Truly, some upgrades have distinct advantages for the residents but don’t really increase the overall property value or secure your real estate investment. It’s vital to weigh your options thoroughly before making any big updates to your rental property in Marina del Rey.
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 will love quality cabinets, and you might believe that new cabinets would keep on boosting your property values, but kitchen cabinets are an upgrade that isn’t usually worth the cost as any potential value increase is often less than the money spent on the project. You should absolutely replace them with something better if your rental’s kitchen cabinets are in truly dismal shape. Other than that, a good cleaning or perhaps a coat of paint or stain is really all your cabinets need to keep them fresh.
Another upgrade that has a lot more benefits for the residents than the rental homeowner is high-end window treatments. You may find that your residents are requesting for upgraded blinds, valences, or drapery systems to personalize their space. Still, while owners want residents to make a rental home comfortable, 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 attached to an individual style that they rarely have widespread appeal.
Talking about personal style, other decorative details like custom garage doors, trendy paint colors, and so on might appear to be a good way to attract quality residents, but like window treatments, the appeal of decorative elements can differ a lot from person to person. Due to this reason, upgrading past good quality, simple doors, windows, and interiors barely benefit property owners. To have a quality rental home with lasting appeal, skip the latest trends and stick to the less exciting but completely more reliable décor themes that are usually found in other rental homes.
Rental property maintenance should always be a priority in order to maintain value whether or not you’ve done upgrades. At Real Property Management California Coast, we are committed to securing your investment while building great relationships with your residents. For additional information regarding our property management services, please contact us online or give us a call directly at 310-535-2150.
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