Comparable Properties
One of the most significant factors to think about when selecting a style of siding for your rental home is what the other homes in the neighborhood use. Probably the biggest reason vinyl siding is such a common choice for home exteriors is its low cost. Unlike other types of materials, vinyl siding is one of the lowest priced. It is also quite simple to install, which can significantly reduce those costs. Concerning budget-friendly options, vinyl is the clear frontrunner for rental home exteriors.
Nevertheless, 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 appears less expensive than the houses near it, renters may be concerned that the Flushing property manager is cutting corners and may not do a good job of keeping up with property maintenance and repairs. Furthermore, adopting siding when comparable properties do not could cause your property’s value to decrease. So, before making any selections about vinyl siding, look at similar properties in your rental market first.
Cost Benefits
If vinyl siding is widely used in your rental market, there are several big benefits to deciding to use the same on your property. In addition to being inexpensive, vinyl siding is versatile and has long-lasting durability. Vinyl siding is available in a variety of styles and colors, all of which are waterproof and fade-resistant. That implies that once the siding is installed, it should last many years before it begins 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 affordable alternative that you need to keep your rental home’s curb appeal going strong.
Drawbacks to Siding
However, there are a couple of drawbacks to vinyl siding. Probably one of the main reasons you may choose not to 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 have trees or shrubs near your rental property’s exterior walls, those branches could inflict permanent damage to the vinyl siding. Tenants aren’t usually the best at keeping plants well-trimmed, so the likelihood of overgrown trees must be considered before installing vinyl siding.
Another vital 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 implies 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. While vinyl siding is a low-cost alternative, it is not exactly cheap and will need a large investment of cash to accomplish. Knowing how much of the cost you can carry as a multi-year tax deduction can help you better decide whether vinyl siding is ideal for your rental properties.
Finally, it is up to you to determine whether vinyl siding is the best solution for your rental homes. Once you do, however, then the true process of selecting a reliable vendor begins. All this analysis and research can take up a considerable amount of time you could spend on more profitable investing activities instead.
So, consider the advantages of employing Real Property Management New York Gold. We can assist you with determining which exterior siding options work best for your rental properties. We recommend reputable vendors with proven track records and professionals who will do the job correctly and at a fair price. Contact us online or call today to discover more about what we offer!
Originally published on October 18, 2019.