A storage shed can be a nice add-on feature to a single-family rental property in Parsippany. But beware, a storage shed could moreover be a potential liability. This could still present a real challenge to know if adding or removing a storage shed from your rental property is the appropriate course of action. Updating yourself with the pros and cons of storage sheds, and when it should be removed, will help you make the right decision.
Whether your house has a storage shed or that it is timely to have one, be wary of these things. Studies of appraisal experts say that sheds do not add very much to a property’s value. The benefits of having a shed, then, may arise from somewhere else. It becomes more evident when you are still in the process of thinking about 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 keep in mind.
Providing a shed will probably not translate into a higher resale value, but could make your property alluring to longstanding renters. This is especially a fact when the rental property doesn’t have large closets, storage areas, or a garage. In most situations, a shed may help you attract and retain tenants who are happy to pay a little extra for the convenience of having on-site storage space.
By all means, a storage shed will not gain a unanimous positive vote from all tenants in all markets. That puts the emphasis on understanding both your local market and your target renter. Depending on the occupant of the rental property, a shed may hold little to no appeal. As proof, a fast-growing number of renters, along with people that want single-family rental homes, are either minimizing their possessions or hiring service companies to help them take care of their homes. This shows that the tenant has fewer personal possessions, and will not want to pay more in order to get a rental home with a shed.
Taking a look at it from the mindset of a property owner, having a shed on the property might bring a few unwelcome problems. A storage shed can require maintenance, adding to the time and expense of property upkeep. Sometimes, tenants may overfill or misuse the shed, leading to structural damage or even an insect or rodent problem. In situations like this, your property values could suffer as an outcome. This is why some property owners may find removing an existing shed, even one in good condition, to be the best option.
Keeping or removing a shed should never be taken lightly. But if your property already has a storage shed, at some point, you will need to address whether or not to remove it. Little by little, all structures deteriorate. Immediately after a shed has outlasted 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 tenants and owners as well. If any or all of these cases have developed, failing to remove the shed could result in a lawsuit, should somebody get hurt. If you do decide to remove the shed, it is essential to follow proper safety procedures or hire a reputable contractor to demolish it.
Choosing to add or remove a shed requires in-depth research and planning. Even so, such steps are paramount to ice that you are choosing the right decision for everyone, including your tenants, and your investing career.
If you need any further help with all your Parsippany property management needs, the aces at Real Property Management NJ Elite are always willing to help. Contact us online or give us a ring at 908-955-7487 today.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.