Comparable Properties
One of the most crucial factors to think about when choosing a type of siding for your rental home is what the other homes in the neighborhood are using. Probably the biggest reason vinyl siding is such a favorite alternative for home exteriors is its low price. In contrast to other types of materials, vinyl siding is one of the least expensive. Additionally, it is quite simple to install, which can substantially reduce those costs. Regarding 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 appears to be cheaper than the houses near it, renters may be suspicious that the Twin Falls County property manager is cutting corners and may not perform an excellent job of keeping up with property maintenance and repairs. Additionally, installing siding when comparable properties do not could cause your property’s value to go down. Therefore, before making any decisions about vinyl siding, examine similar properties in your rental market first.
Cost Benefits
If vinyl siding is widely used in your rental market, there are a couple of clear benefits to opting to use the same on your property. In addition to being affordable, vinyl siding is versatile and has long-lasting durability. Vinyl siding offers many different styles and colors, all of which are waterproof and fade-resistant. That implies that once the siding is installed, it should serve for several years before it begins to show wear. Vinyl siding is simple 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 cost-effective solution you need to keep your rental home’s curb appeal going strong.
Drawbacks to Siding
However, there are several drawbacks to vinyl siding. Perhaps one of the major causes 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 have trees or shrubs near your rental property’s exterior walls, those branches could bring about permanent damage to the vinyl siding. Tenants aren’t usually the most efficient at keeping plants well-trimmed, so the danger of overgrown trees must be concerned about 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 shows 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 less expensive option, it is not exactly cheap and will necessitate a large investment of cash to complete. You can make a more informed choice about whether vinyl siding is ideal for your rental properties by recognizing how much of the cost you can carry as a multi-year tax deduction.
In the end, it is up to you to select whether vinyl siding is the safest alternative for your rental homes. Once you do, however, then the actual process of selecting a trustworthy vendor begins. All of this analysis and research can take up an extensive amount of time you could spend on more profitable investing activities instead.
So, take into account the benefits of employing Real Property Management Magic Valley. We can help you decide which exterior siding options work best for your rental properties. We recommend trusted vendors with proven track records and professionals who will do the job properly and at a fair price. Contact us online or call today to discover more about what we have to provide!
Originally published on October 18, 2019.