It's easy to assume that any property upgrade you undergo will add value to your rental. Unfortunately, not every upgrade will have the intended impact. Scott Safadi of Cal Bay Property Management advises landlords to do their research before investing. These three common upgrades aren't always worth the time, effort or money it takes to install them correctly:
Pool
Pools are pretty universally beloved, but unless you're willing to put in the maintenance work and expenses, it may not be a great amenity to offer. Potential renters will rarely want to keep up with maintenance expenses themselves, and you also risk your insurance rates skyrocketing. Do your homework on the costs of installation, upkeep, and maintenance before you pull the trigger.
Luxury Finishes
Everyone loves luxury finishes, but few people are willing to pay more to get them. Go too high grade in your finishes and you could price yourself right out of the market. The truth is that those who can afford luxury upgrades are often looking to buy, not rent. While it's important to invest in nice options for your property, keeping upgrades affordable is key.
Hardwood Floors
Hardwood flooring is all the rage right now, and for good reason: it looks gorgeous and is more sanitary than carpet. Unfortunately, though, hardwood requires a decent amount of maintenance. If you're renting to families or tenants with pets, you may be jeopardizing the health and longevity of your floors. Stick with a high-quality laminate that gives the look of hardwood without the effort.
-- Scott Safadi, Cal Bay Property Management
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