Nationwide, vinyl siding is one of the most popular siding materials for residential properties. Yet, is vinyl siding an excellent option for your Chesterfield County single-family rental property? Similar to any building material, vinyl siding has pros and cons. However, by checking at comparable properties in your local rental market and the cost benefits of various kinds of siding, it can be easier to choose which style of the exterior would work best for your rental property.
Comparable Properties
One of the most important things to consider when choosing a type of siding for your rental home is what the other homes in the neighborhood look like. Perhaps the biggest reason vinyl siding is such a popular option for home exteriors is its affordability. Compared with different kinds of materials, vinyl siding is one of the least expensive. It is also relatively easy to install, which can greatly reduce those costs. Concerning budget-friendly options, vinyl is the clear frontrunner for rental home exteriors.
On the other hand, if the other homes in your local rental market all have stucco, brick, or other exterior materials, using siding could hurt you financially. The reason for this is that if your rental property seems to be less costly than the houses around it, renters might be afraid that the Chesterfield County property manager is cutting corners and may not do a great job of keeping up with property maintenance and repairs. Moreover, installing siding when comparable properties do not could cause your property’s value to drop. Therefore, before making any vinyl siding decisions, examine similar properties in your rental market first.
Cost Benefits
If vinyl siding is widely used in your rental market, there are some clear benefits to using the same on your property. In addition to its inexpensiveness, vinyl siding is versatile and has long-lasting durability. Vinyl siding offers a wide range of styles and colors that are all waterproof and fade-resistant. That indicates that once the siding is installed, it should survive several years before it starts to show much wear. Vinyl siding is uncomplicated 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 alternative that you need to keep your rental home’s curb appeal going strong.
Drawbacks to Siding
But there are some drawbacks to vinyl siding. Perhaps one of the chief causes you might not choose 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 around your rental property’s exterior walls, those branches could result in permanent damage to the vinyl siding. Tenants aren’t usually the best at keeping plants properly trimmed, so before installing vinyl siding, consider the likelihood of overgrown trees.
One more critical 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 indicates 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 an economical choice, it is not exactly cheap and will necessitate a large investment of cash to complete. Considering how much of the cost you can carry as a multi-year tax deduction can assist you in determining whether vinyl siding is perfect for your rental properties.
It is ultimately up to you to choose whether vinyl siding is the right answer for your rental homes. Once you do, however, then the actual method of choosing a dependable vendor begins. All of this analysis and research can consume a significant amount of time you could spend on more profitable investing activities instead.
So, look into the benefits of working with Real Property Management Richmond Metro. We can assist you in choosing 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 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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