Nationwide, vinyl siding is one of the residential properties’ most typical siding materials. Yet, is vinyl siding a good pick for your West Point single-family rental property? As with any building material, vinyl siding has pros and cons. However, by thoroughly checking comparable properties in your local rental market and the cost benefits of different kinds of siding, you can easily identify which style of the exterior would work best for your rental property.
Comparable Properties
One of the most significant factors to consider when selecting a kind of siding for your rental home is what the other homes in the neighborhood look like. Probably the biggest reason vinyl siding is such a popular choice for home exteriors is its cost-efficient. As opposed to other kinds of materials, vinyl siding is one of the best budget options. It is also relatively easy to install, which can vastly reduce those costs. In connection with budget-friendly options, vinyl is the clear frontrunner for rental home exteriors.
Alternatively, if the other homes in your local rental market all have stucco, brick, or other exterior materials, using siding could hurt you financially. The reason for this is that if your rental property looks cheaper than the houses around it, renters might be scared that the West Point property manager is cutting corners and may not perform a great job of keeping up with property maintenance and repairs. Moreover, using siding when comparable properties do not could decrease your property’s value. For that reason, before making any vinyl siding purchases, inspect similar properties in your rental market first.
Cost Benefits
If vinyl siding is widely used in your rental market, there are some clear benefits to putting the same on your property. In addition to being cheap, vinyl siding is versatile and has long-lasting durability. Vinyl siding offers several different styles and colors that are all waterproof and fade-resistant. That indicates that once the siding is installed, it should endure for several years before it begins to show much wear. Vinyl siding is easy 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 remedy that you need to keep your rental home’s curb appeal going strong.
Drawbacks to Siding
On the flip side, there are some drawbacks to vinyl siding. Perhaps one of the main reasons you might not choose 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 around your rental property’s exterior walls, those branches could lead to permanent damage to the vinyl siding. Tenants aren’t usually the most effective at keeping plants well-trimmed, so before installing vinyl siding, you need to consider the danger of overgrown trees.
One more essential 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. Though vinyl siding is an economical alternative, it is not exactly cheap and will require a large investment of cash to finish. Computing how much of the cost you can carry as a multi-year tax deduction can assist you in deciding whether vinyl siding is acceptable for your rental properties.
It is ultimately up to you to decide whether vinyl siding is the right option for your rental homes. Once you do, however, then the real procedure of choosing a dependable vendor starts. All of this analysis and research might take a significant amount of time you could spend on more profitable investing activities instead.
So, look into the advantages of partnering with Real Property Management Northern Utah. We can support you in choosing which exterior siding options work best for your rental properties. We recommend knowledgeable vendors with proven track records and professionals who will do the job properly and at a fair price. Contact us online or call today to learn more about what we offer!
Originally published on October 18, 2019.
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