Nationwide, vinyl siding is one of the residential properties’ most common siding materials. On the other side, is vinyl siding a better choice for your Washington Township single-family rental property? The pros and cons of vinyl siding are similar to those of any other building material. But by getting to know better about comparable properties in your local rental market and the cost benefits of different types of siding, you can easily select which kind of exterior would work best for your rental property.
Comparable Properties
One of the most crucial aspects to remember when picking a type of siding for your rental home is what the other homes in the neighborhood use. Probably the biggest reason vinyl siding is the best choice for home exteriors is its cheapness. When weighed against the cost of other materials, vinyl siding is typically the cheaper option. Because of how easy it is to install, it can significantly reduce those costs as well. In terms of budget-friendly options, vinyl is the clear frontrunner for rental home exteriors.
However, 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 less expensive than the houses around it, renters might be concerned that the Washington Township property manager is cutting corners and may not do a great job of keeping up with property maintenance and repairs. Furthermore, adding siding when comparable properties do not can lead to your property’s value to reduce. Thus, before making any decisions about vinyl siding, investigate similar properties in your rental market first.
Cost Benefits
If vinyl siding is widely used in your rental market, there are some big benefits to installing the same on your property. In addition to its cheapness, vinyl siding is versatile and has long-lasting durability. Vinyl siding offers a wide range of styles and colors, all of which are waterproof and fade-resistant. That indicates that once the siding is installed, it will be useful for years before it starts to show much wear. Vinyl siding is easy to clean with a pressure washer and doesn’t retain or absorb moisture. So for rental properties in humid climates, vinyl siding might be the economical substitute you need to keep your rental home’s curb appeal going strong.
Drawbacks to Siding
Yet, there are a small number of drawbacks to vinyl siding. Perhaps one of the leading causes you would 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 cause permanent damage to the vinyl siding. Tenants are not always the best at keeping plants neatly trimmed, so the possibility of overgrown trees must be considered before installing vinyl siding.
One more important 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 entails 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 a reasonable choice, it is not exactly cheap and will demand 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 choose whether vinyl siding is advisable for your rental properties.
Finally, it is up to you to choose whether vinyl siding is the perfect candidate for your rental homes. Once you do, however, then the real work of locating a reliable vendor begins. All this analysis and research can occupy a considerable amount of time you could spend on more profitable investing activities instead.
So, evaluate the rewards of acquiring Real Property Management Silverstone. We can help you determine 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 right and at a fair price. Contact us online or call today to find out more about our services!
Originally published on October 18, 2019.
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