Single-family rental homes take a lot of wear and tear here in the Milford area. Many tenants are careful and will be respectful of your property; evenso, your property’s interior will become worn and shabby and will need to be updated over time. The carpet, for example, begins to show wear after only a few years, becoming stained, frayed, and worn down in high-traffic areas. As a property owner, you should budget for a good maintenance plan that includes regular carpet cleaning and figure replacement costs about every 5 years.
Here are the benefits to replacing your rental home’s carpet on this schedule: Most obviously, it will help you to maintain the property’s value, and your residents will be most apt to take care of well-maintained rugs. Your renters will appreciate your good-faith investment in the space they rent, and in turn they will naturally take pride in the well-kept home, keeping your relationship positive. Keep in mind, too, that after five to seven years you, as the property owner, you lose the ability to charge for damage to carpeting when a resident moves out.
Always think about your investment goals when you create your maintenance schedules; you want your property to increase in value, and that requires wise spending. You understand the financial value of retaining tenants; this is where you save on cash flow. So spend on carpet to save in the long run.
In other words, keep long-term residents happy by replacing the carpet every five years. Satisfied residents will keep those rental payments going strong month after month, year after year. And residents who care about the condition of their rental home will be easier to attract and retain when the property is in good condition. And you will attract new residents, when you need to, with well-maintained carpets.
In terms of added value, new carpet is a relatively easy and inexpensive update that promises a return far in excess of the cost. Property values and perceived value will increase, expanding your investment’s earning potential. When tax time rolls around, new carpet can be deducted as a depreciable item for five years. To gain those tax benefits, it’s a simple matter of replacing your rental home’s carpet after it has fully depreciated.
Carpet maintenance and replacement is only one of the many aspects of managing a rental property. It is difficult to know just what to schedule, let alone when! Real Property Management Metro Boston makes this task easy by performing regular property evaluations that monitor the condition of a rental, from carpet to paint and everything in between. We will monitor and maintain all your rental properties, scheduling replacement items with you for maximum convenience and financial effectiveness. To learn more about partnering with us, please contact us using any of the above options.
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.