Comparable Properties
One of the most vital things to think about when purchasing a style of siding for your rental home is what the other homes in the neighborhood appear to be. Perhaps the biggest reason vinyl siding is such a preferred choice for home exteriors is because it is inexpensive. As with other sorts of materials, vinyl siding is one of the cheapest. It is also relatively easy to install, which can greatly reduce those costs as well. Regarding budget-friendly options, vinyl is the clear frontrunner for rental home exteriors.
On the other side, if the other homes in your local rental market all have stucco, brick, or other exterior materials, using siding could hurt you financially. This is because if your rental property seems less affordable than the houses around it, renters might be frightened that the Elkins property manager is cutting corners and may not do a good job of keeping up with property maintenance and repairs. Also, adding siding when comparable properties do not could cause your property’s value to go down. Therefore, before making any decisions about vinyl siding, review similar properties in your rental market first.
Cost Benefits
If vinyl siding is widely used in your rental market, there are some definite benefits to applying the same on your property. In addition to being cost-effective, vinyl siding is versatile and has long-lasting durability. Vinyl siding is manufactured in many different styles and colors, all of which are waterproof and fade-resistant. That ensures that once the siding is installed, it should withstand for several years before it starts to show much wear. Vinyl siding is simple to clean with a pressure washer and does not retain or absorb moisture. So for rental properties in humid climates, vinyl siding might be the inexpensive solution that you need to keep your rental home’s curb appeal going strong.
Drawbacks to Siding
Regrettably, there are some drawbacks to vinyl siding. One of the principal factors that may influence you to not install vinyl siding on a rental house, even if other houses in your market have vinyl siding, is because while it is durable, it can be easily dented and scratched. If you plant trees or shrubs alongside your rental property’s exterior walls, those branches could inflict permanent damage to the vinyl siding. Tenants are not usually the best at keeping plants well-trimmed, so the risk of overgrown trees must be taken into consideration before installing vinyl siding.
Another critical consideration is whether and how vinyl siding fits into your tax planning. According to the IRS, vinyl siding is an improvement, not a repair. This signifies that you will need to depreciate the cost of the siding over several years rather than be able to deduct the entire expense in the year of purchase. Though vinyl siding is an economical alternative, it is not exactly cheap and will need a large investment of cash to finish. Recognizing how much of the cost you can carry as a multi-year tax deduction can help you better figure out whether vinyl siding is perfect for your rental properties.
Finally, it is up to you to determine whether vinyl siding is a suitable decision for your rental homes. Once you do, however, then the real selection process of choosing a quality vendor begins. All this analysis and research can eat up a considerable amount of time you could spend on more profitable investing activities instead.
So, think about the advantages of choosing Real Property Management First Choice. We can provide guidance on which exterior siding options work best for your rental properties. We recommend reliable vendors with proven track records and professionals who will do the job professionally and at a fair price. Contact us online or call today to learn more about what we have to offer!
Originally published on October 18, 2019.