If your property currently has a storage shed or you’re deliberating on installing one, here are various things that you should remember. As specified by appraisal experts, sheds do not add very much to a property’s value. The benefits of obtaining a shed then must come from someplace else. This is exceptionally legitimate if you are considering building or installing a shed on a rental property that doesn’t already have one. Even though a basic shed can be relatively affordable, there is the investment cost to consider.
The capital you expend on a shed will probably not translate into a higher resale value but may help make your property nicer to long-term residents. This is extremely accurate if your rental home doesn’t have large closets, storage areas, or a garage. In such instances, a shed may even help you lure and hold tenants who are happy to pay a little extra for the convenience of getting an on-site storage space.
Indeed, a storage shed may not carry the same fascination for all tenants in all markets. This is what makes understanding both your local market and your target renter so essential. Depending on who you want to rent your rental home to, a shed may hold little to no appeal. For instance, an increasing number of tenants, even those who ask for single-family rental homes, are minimizing their possessions or hiring service companies to help them take care of their homes. In any incident, this indicates that the tenant has fewer personal possessions, and will not want to pay more for a leasing home with a shed.
From a property holder’s outlook, having a shed on the property might bring a few unwelcome problems. A storage shed will require maintenance, adding to the time and expense of property upkeep. Additionally, tenants may overfill or misuse the shed, leading to structural damage or even an insect or rodent problem. If this follows, your property values could suffer as a result. For this reason, some property owners may find removing an existing shed, even one in good condition, to be the best option.
Keeping or removing a shed is not a commitment to make without careful thought. But if your property already has a storage shed, at some point you will need to address whether or not to remove it. Over time, all structures deteriorate. Once a shed has withstood its useful life, it may become both an eyesore and a liability issue. Sagging roofs, warped doors, insect damage, and rust can all turn a shed into a safety hazard for you and your residents. If any or all of these situations have begun, failing to remove the shed could result in a lawsuit, in case someone gets injured. If you do decide to remove the shed, it is important to follow proper safety procedures or hire a reputable contractor to finish it for you.
Electing to add or remove a shed would demand scrupulous analysis and groundwork. However, such procedures are imperative to confirm that you have made an accurate conclusion for you, your renters, and your financing prospects.
If you have any added demands about how we can help you with all your McQueeney property management needs, the specialists at Real Property Management Alamo are here to help. Contact us online or call us at 210-600-5672 today.