Every year, think of how you plan to update your property since regular upgrades to your single-family rental home is a smart investment move. Just as regular maintenance is needed for rental homes, they should also be kept updated to keep them competitive in the market. The condition of the home dictates the property values throughout Oxnard. A home with the inside or outside in poor condition would decrease property values. This is the reason why a little investment to periodically upgrade things is worth the time and cost involved.
However, not all upgrades are the same. Some upgrades do not offer direct benefits for property owners. Actually, some upgrades have all the advantages lined up for the resident and not the owner. They fail to increase the general property value or protect your real estate investment. You must scrutinize your options carefully before making any big updates to your rental property in Oxnard. This decision should not be taken lightly.
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 be glad to have quality cabinets in their kitchen, and you may think that these new cabinets would pull up your property values. However, the effect new kitchen cabinets have on your property values isn’t big enough to offset its cost. This upgrade isn’t typically worth what you spend on it. If the kitchen cabinets in your property are in truly horrible shape, you should certainly replace them with something better. Otherwise, a good cleaning or perhaps a coat of paint or stain is all that your cabinets require to keep them in good condition.
Another example of an upgrade for a rental home that benefits the residents more than the owner is high-end window treatments. You may find that your residents are asking for upgraded blinds, valences, or drapery systems to modify their space to match the look and feel they want. But while owners anticipate residents wanting to make their rental home comfortable, there’s no actual benefit to providing any window treatments beyond standard blinds or shutters. Fancy window treatments have little to no effect in increasing the value of your property. On top of that, it is tied so strongly to an individual style that they very rarely have broad appeal.
Speaking of one’s own style, other beautifying features like custom garage doors, stylish paint colors, and so on might seem like a valid idea to bring quality residents. But as with window treatments, the charm of decorative features can differ wildly from person to person. For this reason, upgrading beyond good quality, basic doors, windows, and interiors gives little to no benefit for property owners. To produce a quality rental home with lasting appeal, avoid the freshest trends and stick to the less exciting but unquestionably more tried-and-true décor themes that are ordinarily found in other rental homes.
Regardless of having made upgrades or not, to maintain the value of your rental property, your priority should always be its maintenance. At Real Property Management Ventura County, we have committed ourselves to protect your investment while establishing great relationships with your residents. For more information about our property management services, please contact us online or call us directly at 805-387-3682.
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.