Planning for continual upgrades to your single-family rental home every year is a good investment strategy. Rental homes need to be maintained and upgraded to keep them contemporary and competitive in the market. Property values in Lehi add to the present status of the home both inside and out. In this regard, investing a little to upgrade things once in a while is worth the time and money involved.
Yet, not all upgrades grant clear benefits for property owners. In particular, some upgrades involve certain returns for the tenants but do not add to the entire property value or protect your real estate investment. It’s key to think about your available courses of action conscientiously before going ahead with any huge transformations to your rental property in Lehi.
For instance, installing new kitchen cabinets in your rental properties may seem like an upgrade that would benefit both you and your tenants. Your tenants will be happy with new cabinets, and you might think that new cabinets would keep your property values expanding. Unfortunately, kitchen cabinets are one upgrade that isn’t worth the expense, owing to the fact that any likely addition in value will be less compared to what you’ve spent on the project. If the kitchen cabinets in your rental are in drab shape, you should refurbish them or replace them with something better. An effective cleaning or a coat of paint or stain is probably all your cabinets need to keep them looking well-maintained.
Another upgrade that has more benefits for the tenants than for the owner is high-end window treatments. Your tenants may ask you for upgraded blinds, valences, or drapery systems to make their home more comfortable. However, as much as owners want tenants to make a rental home satisfactory, there’s no veritable return to integrating any window treatments apart from typical blinds or shutters. Fancy window treatments don’t add a lot to the gross value of your property and are tied so greatly to an individual style that they very seldom have pervasive appeal.
In reference to personal style, other decorative attributes like custom garage doors, in-fashion paint colors, and so on might suggest a fine way to attract excellent tenants. However, like window treatments, the appeal of decorative features can be extremely different from person to person. In this regard, upgrading beyond good quality, basic doors, windows, and interiors holds little to no benefit for property owners. To create a prime rental home with a long-standing appeal, avoid the latest trends and stick to the less exciting but categorically more tried-and-true décor themes that are mostly found in other rental homes.
In either case, whether you’ve made upgrades or not, rental property maintenance should consistently be a priority to maintain the value of your home. At Real Property Management Utah County, we are dedicated to protecting your investment while building trustworthy relationships with your tenants. For more information about our property management services, please contact us online or call us directly at 801-224-0033.