There are lots of good reasons to frequently update your Spokane Valley single-family rental home. From increased tenant happiness to higher rental rates, remodeling can make a way for property owners to attain their real estate investment goals. All the same, research has confirmed that not all property upgrades may have the outcome you desire. Actually, some restoration projects can trigger property values to plunge and even put off prospective tenants. Property owners can help keep their costs low and increase returns year after year by recognizing which upgrades to avoid.
While industry experts have differing points of view on which upgrades are not very useful, most of them are of the same mind that only choosing high-end remodels aren’t worth the expense. As an illustration, a luxury bathroom might seem like a big draw for long-term renters, but that bathroom typically isn’t enough to justify a significant increase in rent. A property owner might waste a lot of money on a whirlpool tub or other property improvements that a renter may never utilize. The growth in tenant fulfillment and the property market price are minor and you will most likely never recoup the expense of the remodel.
A swimming pool is another problematic upgrade. In order to make their rental home more competitive in warmer regions, property owners might think about constructing a pool. If the property is already on the high-end, constructing a pool doesn’t present a good ROI. Truth be told, above-ground pools can drive property values down and be seen as a big negative for many renters. Lots of tenants simply don’t want the hassle and expense of a pool, which means that for the most part, a swimming pool won’t help you attract or retain tenants, either.
Tenants may be prone to stay away from renting homes with high-end or sizable landscaping. While attractive exteriors can cause property values to rise and amplify curb appeal, many renters will see high-end landscaping as a negative, requiring far more time and effort than they are willing to give or increased costs for professional upkeep. Because this can significantly limit the scope of probable applications, it may make your rental home harder to lease. An expensive landscaping job could quickly deteriorate if it is not properly maintained, resulting in a total loss of your investment.
Before developing any ideas for home upgrades, make certain to scrutinize your rental market cautiously to verify that you are not remodeling your rental home exceeding what the neighborhood will take on. Like, building an extra bedroom to shift your rental home in line with the other homes in the neighborhood would be a prudent move, allowing for rising rental rates and property values. But the costly makeover of a home in an unpretentious part of town is more foreseeable to bring about the loss of your investment.
To get an obvious idea of which property renovations are worth the asking price, reflect on the value of a Real Property Management Spokane County market assessment. We can evaluate your Spokane Valley rental home, offer market comparisons, and make specific recommendations for improvements. By doing this, we can lend a helping hand to property owners as they maximize their earning potential with higher rent, steady growth of property values, and long-term tenants. If you have any questions or want to discuss things with a team member, contact us online or by phone at 509-462-1042 and we would be happy to be of service to you today.
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.