Nationwide, vinyl siding is one of the most famous siding materials for residential properties. However, is vinyl siding a great choice for your Wayzata single-family rental property? Just like any building material, there are pros and cons to choosing vinyl siding. Yet, by looking at comparable properties in your local rental market and the cost benefits of various sorts of siding, it can be easier to conclude which type of exterior would work best for your rental property.
Comparable Properties
One of the most necessary things when picking a style of siding for your rental home is what the other homes in the neighborhood look like. The cheapness may be the biggest reason vinyl siding is such a popular choice for home exteriors. Compared with other kinds of materials, vinyl siding is one of the cheapest available. It is also usually easy to install, which can greatly reduce those costs as well. With regard to budget-friendly options, vinyl is the clear frontrunner for rental home exteriors.
Nonetheless, if the other homes in your local rental market all have stucco, brick, or other exterior materials, using siding could actually hurt you financially. This is because if your rental property looks less expensive than the houses around it, renters might be afraid that the Wayzata property manager is cutting corners and may not do a great job of keeping up with property maintenance and repairs. Moreover, adding siding when comparable properties do not could cause your property’s value to go down. In this way, before settling on any conclusions about vinyl siding, you must check 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 choosing to use the same on your property. In addition to being less expensive, vinyl siding is versatile and has long-lasting durability. Vinyl siding is available in many different styles and colors, all of which are waterproof and fade-resistant. That indicates that once the siding is installed, it should last many 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 low-cost alternative that you need to keep your rental home’s curb appeal going strong.
Drawbacks to Siding
On the other hand, there are a couple of drawbacks to vinyl siding. Perhaps one of the chief causes you might not want 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. In the event that you have trees or shrubs near your rental property’s exterior walls, those branches could bring about permanent damage to the vinyl siding. Tenants are not usually the best at keeping plants neatly trimmed, so the chance of overgrown trees must be considered 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 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 reasonable option, it is not exactly cheap and will require a large investment of cash to accomplish. Determining how much of the cost you can carry as a multi-year tax deductioncan assist you with better deciding whether vinyl siding is a good idea for your rental properties.
At last, it is up to you to conclude whether vinyl siding is the right choice for your rental homes. Once you do, however, then the real work of locating an excellent vendor begins. All of this analysis and research will necessitate a considerable amount of time you could spend on more profitable investing activities instead.
So, think about what it would be like to hire Real Property Management Viking. We can assist you in choosing which exterior siding options work best for your rental properties. We recommend quality 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 learn more about what we offer!
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