A solid investment strategy is the regular upgrades to your single-family rental home. Every year, plan how you will update your property. Just as regular maintenance is needed for rental homes, they should also be kept updated to keep them competitive in the market. The property values throughout Miami-Dade County heavily depends on the condition of the home both inside and out. A property in poor condition would bring down its value. This is why investing to upgrade things from time to time is worth it. Every upgrade pushes the property value higher.
However, though some upgrades directly benefit the property owner, other upgrades don’t. 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 Miami-Dade County.
For example, in an effort to upgrade your rental properties, you might think of installing new kitchen cabinets. It would seem that this would benefit both you and your residents. 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. Now, if the kitchen cabinets are in truly dismal shape, this would greatly affect your values and you should definitely have them replaced with something better. Otherwise, a good cleaning or possibly a fresh coat of paint or stain is 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 get requests from residents asking for upgraded blinds, valences, or drapery systems to modify their space. But while owners already know that residents want to make a rental home comfortable, there’s no real advantage to providing any window treatments beyond the standard blinds or shutters. Fancy window treatments rarely have broad appeal because they are closely linked to an individual style and they don’t really add much to a property’s value.
Speaking of personal style, other decorative features such as custom garage doors, trendy paint colors, and so on might seem like a genuine approach to attracting quality residents. But as with window treatments, the interest of decorative characteristics can vary greatly from person to person. For this reason, upgrading beyond high quality, basic doors, windows, and interiors holds little to no benefit for owners of rental homes. To create a quality rental home with enduring appeal, avoid the latest trends and adhere to the less exciting but definitely more tried-and-true décor themes that are usually found in other rental homes.
Whether or not you’ve made upgrades, the chief priority, in order to maintain value, should constantly be the maintenance of your rental property. At Real Property Management Sunshine, we have devoted ourselves to protecting your investment while forming high-value relationships with your residents. For added information about our property management services, please contact us online or call us directly at 305-930-7867.