Comparable Properties
One of the most critical aspects to consider when choosing siding for your rental home is what other homes in the neighborhood look like. Perhaps the biggest reason vinyl siding is such a favorable choice for home exteriors is its affordability. As opposed to other types of materials, vinyl siding is one of the least expensive. It is also less complicated to install, which can reduce those costs as well. Regarding budget-friendly options, vinyl is the clear frontrunner for rental home exteriors.
But 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 looks more inexpensive than the houses around it, renters may think that the property manager is cutting corners and may not perform great work of keeping up with property maintenance and repairs. Also, if your home has siding and comparable properties don’t, it could lead to your property’s value going down. So, observe similar properties in your rental market first before you decide what to do about vinyl siding.
Cost Benefits
If vinyl siding is widely used in your rental market, there are some big benefits to choosing to use the same on your property. In addition to its cheapness, vinyl siding is versatile and has long-lasting durability. Vinyl siding has several different styles and colors, all of which are waterproof and fade-resistant. That means that once the siding is installed, it should survive for 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 cheap way to keep your rental home’s curb appeal going strong.
Drawbacks to Siding
Sadly, there are a few drawbacks to vinyl siding. Perhaps one of the main reasons you might prefer 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 damage the vinyl siding permanently. Tenants aren’t the most effective at keeping plants well-trimmed, so it is advisable to consider the risk of overgrown trees before installing vinyl siding.
Another major 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. Even though vinyl siding is the cheaper option, it is not exactly dirt cheap and will demand a large investment of cash to accomplish. If you know how much of the cost you can carry as a multi-year tax deduction, you can easily decide whether vinyl siding is a good idea for your rental properties.
In conclusion, it is up to you to decide whether vinyl siding is the perfect choice for your rental homes. Once you do, however, then the real procedure of choosing a suitable vendor starts. All this analysis and research can consume a considerable amount of time you could spend on more profitable investing activities instead.
So, think about how working with Real Property Management Regions could assist you. We can assist you in figuring out 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 accurately and at a fair price. Contact us online or call today to find out more about what we can do for you!