A storage shed can be a nice add-on feature to a single-family rental property in Laurel. At the same time, a storage shed can more likely be a potential liability. This can change the idea and make it a real challenge to identify if adding or removing a storage shed in your rental property is the ideal thing to carry out. But knowing all you can regarding the pros and cons of storage sheds, and also when it should be removed, can make that choice easier.
Even if your home already has a storage shed or you’re weighing upon adding one, here are certain things that you should take into consideration. As claimed by appraisal experts, sheds do not add very much to a property’s value. The benefits of getting a shed then must come from somewhere else. This is extremely correct if you are aiming at building or installing a shed on a rental property that doesn’t already have one. Even though a basic shed can be relatively affordable, there is the investment cost to ponder.
The cash that you waste on a shed will probably not translate into a higher resale value but may get your property to look lovelier to long-term tenants. This is exceptionally realistic if your rental house doesn’t have large closets, storage areas, or a garage. In such situations, a shed may help you attract and keep tenants who are happy to pay a little extra for the convenience of acquiring an on-site storage space.
Absolutely, a storage shed may not possess an equal charm for all renters in all markets. This is what makes understanding both your local market and your target renter so pivotal. Reliant on who you want to rent your rental home to, a shed may hold little to no appeal. For instance, an increasing quantity of renters, even those who want single-family rental homes, are either minimizing their possessions or hiring service companies to help them take care of their homes. In any of them, this denotes that the tenant has fewer personal possessions, and will not want to pay more for a rental home that has a shed.
Based from a property landlord’s standpoint, having a shed on the property might bring a few unwelcome problems. A storage shed will require maintenance, adding to the time and expense of property upkeep. Moreover, tenants may overfill or misuse the shed, leading to structural damage or even an insect or rodent problem. If this occurs, your property values could suffer as a consequence. For this reason, some property owners may find removing an existing shed, even one in good condition, to be the best option.
Keeping or removing a shed is not a decision to make quickly. But if your property already has a storage shed, at some point you will need to address whether or not to remove it. Over time, all structures deteriorate. Once a shed has survived its useful life, it may become both an eyesore and a liability issue. Sagging roofs, warped doors, insect damage, and rust can all turn a shed into a safety hazard for you and your renters. If any or all of these particulars have happened, failing to remove the shed could result in a lawsuit, should someone get injured. If you do decide to remove the shed, it is important to follow proper safety procedures or hire a reputable contractor to complete it for you.
Choosing to add or remove a shed does take some meticulous investigation and arrangement. But such activity is required to establish that you have made the right solution for you, your tenants, and your investing future.
If you have any more concerns about how we can assist you with all your Laurel property management needs, the professionals at Real Property Management Metro are here to help. Contact us online or call us at 410-290-3285 today.
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