Nationwide, vinyl siding is one of the residential properties’ most used siding materials. However, is vinyl siding a great choice for your Findlay single-family rental property? The use of vinyl siding has pros and cons, the same as any other building material. However, you may decide which exterior would work best for your rental property by looking at comparable properties in your local rental market and the cost benefits of various kinds of siding.
Comparable Properties
One of the most critical variables to take into account when choosing a style of siding for your rental home is what the other homes in the neighborhood look like. Possibly the biggest reason vinyl siding is such a preferred choice for home exteriors is its inexpensiveness. In comparison with other types of materials, vinyl siding has one of the lowest prices. Additionally, it is quite easy to install, which can greatly reduce those costs as well. Regarding budget-friendly options, vinyl is the clear frontrunner for rental home exteriors.
Meanwhile, 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 seems less expensive than the houses nearby, renters might be apprehensive that the Findlay property manager is cutting corners and may not do a satisfactory job of keeping up with property maintenance and repairs. Additionally, adding siding when comparable properties do not could result in your property’s value dropping. So, before making any decisions about vinyl siding, check similar properties in your rental market first.
Cost Benefits
If vinyl siding is widely used in your rental market, there are some huge benefits to choosing to use the same on your property. In addition to being cost-effective, vinyl siding is versatile and has long-lasting durability. Vinyl siding comes in a wide range of styles and colors, many of which are waterproof and fade-resistant. This implies that once the siding is installed, it should survive for many years before it begins to show much wear. Vinyl siding is effortless 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 solution 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 primary factors you may 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 own trees or shrubs close to your rental property’s exterior walls, those branches could create permanent damage to the vinyl siding. Tenants are not always most adept in maintaining plants neatly trimmed, so the danger of overgrown trees must be kept in mind before installing vinyl siding.
Another crucial 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 suggests 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. Although vinyl siding is a cost-effective idea, it is not exactly cheap and will cost a large investment of cash to finish. You can make a more knowledgeable decision about whether vinyl siding is perfect for your rental properties by understanding how much of the cost you can carry as a multi-year tax deduction.
The choice of whether vinyl siding is the best option for your rental homes is ultimately up to you. Once you do, however, then the actual procedure of getting a reliable vendor starts. All this analysis and research waste a large amount of time you could spend on more profitable investing activities instead.
So, consider the benefits of hiring the Real Property Management Clarity Team. 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 learn more about what we offer!
Originally published on October 18, 2019.
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