{"id":2149,"date":"2021-01-05T20:53:25","date_gmt":"2021-01-06T01:53:25","guid":{"rendered":"https:\/\/www.padleads.com\/blog\/?p=2149"},"modified":"2021-01-05T21:15:16","modified_gmt":"2021-01-06T02:15:16","slug":"things-leasing-agents-should-know-about-home-upgrades-and-market-value","status":"publish","type":"post","link":"https:\/\/www.padleads.com\/blog\/things-leasing-agents-should-know-about-home-upgrades-and-market-value\/","title":{"rendered":"Leasing Agent Must-Know: Property Upgrades that Negatively Affect Market Value"},"content":{"rendered":"\n

Upgrading a rental house or unit is one of the things that landlords should consider doing. Renovations and upgrades will boost the market value and will attract more tenants. When the tenant gets the high-quality indoor living experience they have paid for, it will increase tenant satisfaction.<\/p>\n\n\n\n

However, renovations in the property can sometimes affect the market value but not in a positive way. Some can decrease the property\u2019s value. You might experience it with some tenants who come across your property listing online. They might find some parts of the property unnecessary. Here are some of the renovations that can diminish the market value.<\/p>\n\n\n\n

\u2022 Swimming pool<\/h1>\n\n\n\n

Having a swimming pool on the property may not appeal to everyone. It can attract a lot of tenants for sure. However, they will eventually realize that it\u2019s not easy having one.<\/p>\n\n\n\n

The expenses that a swimming pool can bring may become difficult for some. They would have to pay for maintenance and cleaning services even if they never use it. The tenants will have to spend an additional 200-350 dollars per month if the property has a pool. Not everyone is willing to spend that much money on something they won\u2019t use every day. A private pool is a luxury that the majority of tenants do not mind having.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

\u2022 Bathroom renovations<\/h1>\n\n\n\n

I\u2019m not saying that renovating a bathroom is not a good thing. It has advantages and added features that will pique the interest of the tenants. The only problem is the return on investment.<\/p>\n\n\n\n

Studies show that it has a low ROI rate noted in different states. It is impractical to fund an expensive bathroom renovation because there is not much to it. The landlords should stick to simple, inexpensive bathroom rehabilitations that will benefit the renters.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

\u2022 Installing a walk-in closet<\/h1>\n\n\n\n

It is vital to identify the market that is the appropriate match for the property. If the market includes those who are in the lower-income bracket, a walk-in closet is not necessary.<\/p>\n\n\n\n

Rebuilding a room to become a walk-in closet is not advisable. Having enough closet space has its benefits, but too much of it will only leave your tenants with unused space. If your target tenants are those with high incomes, then a walk-in closet is the type of luxury they will appreciate.<\/p>\n\n\n\n

\u2022 Customized property areas<\/h1>\n\n\n\n

It is important to remember that the tenants are only temporary. Once their lease ends, there is a possibility that they will not renew their tenancy. The new tenants may have different preferences when choosing a property to rent.<\/p>\n\n\n\n

Custom projects like wine cellars and Murphy beds may not attract some tenants as much as the previous ones. It\u2019s not just other tenants. The landlord might decide to put the property on the market someday, and these features might make it harder to sell.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

So the next time a landlord wants to renovate a property, you can advise them on what to avoid. Some of these items might make the property more enticing, but they have to look at the disadvantages, as well. You might find it challenging to look for tenants who will prefer to have these features in their rental. If the landlords are planning to invest in some renovations, they might as well invest in something that will increase their properties\u2019 market value, right?<\/p>\n\n\n\n

Knowing this information will help you advertise properties well. Combine your skill and knowledge with a property listing platform like Padleads<\/a> where you can create and syndicate listings to popular rental websites, you will be able to fill in vacancies for all types of properties in no time. That is one investment YOU won\u2019t regret.<\/p>\n","protected":false},"excerpt":{"rendered":"

Upgrading a rental house or unit is one of the things that landlords should consider doing. 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