A storage shed can be a nice add-on feature to a single-family rental property in West Hills. But at the same time, a storage shed can also be a potential liability. This can be a real challenge to distinguish if adding or removing a storage shed from your rental property is the best thing to implement. But discerning everything you can regarding the pros and cons of storage sheds, and also when it should be removed, can make that decision less complicated.
Whether your property already contains a storage shed or you’re considering putting one, here are various things that you should be mindful of. As said by appraisal experts, sheds do not add very much to a property’s value. The benefits of obtaining a shed, then, must come from someplace else. This is uniquely factual if you are considering to build or install a shed on a rental property that doesn’t already have one. Despite the fact that a basic shed can be relatively affordable, there is the investment cost to take into account.
The money you splurge on a shed will probably not translate into a higher resale value but may help get your property to be more appealing to long-term tenants. This is very true if your rental home doesn’t have large closets, storage areas, or a garage. In such scenarios, a shed may get you to attract and keep tenants who are happy to pay a little extra for the convenience of possessing on-site storage space.
Typically, a storage shed may not contain an equal demand for all renters in all markets. This is what makes understanding both your local market and your target renter so pertinent. Reliant on who you want to rent your rental house too, a shed may hold little to no appeal. For instance, a growing figure of tenants, even those who want single-family rental homes, are probably minimizing their possessions or hiring service companies to help them take care of their homes. In any case, this means that the tenant has fewer personal possessions, and will not want to pay more for a rental home that has a shed.
From a property owner’s context, having a shed on the property might bring a few unwelcome problems. A storage shed will require maintenance, adding to the time and expense of property upkeep. Also, tenants may overfill or misuse the shed, leading to structural damage or even an insect or rodent problem. In case this occurs, your property values could suffer as a consequence. For this judgment, some property owners may find removing an existing shed, even one in good condition, to be the best option.
Keeping or removing a shed is not a decision to make frivolously. But if your property already has a storage shed, at some point you will need to address whether or not to remove it. Over time, all structures deteriorate. Once 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 you and your renters. If any or all of these conditions are established, failing to remove the shed could result in a lawsuit, should someone get hurt. If you do decide to remove the shed, it is important to follow proper safety procedures or hire a reputable contractor to finish it up for you.
Resolving to add or remove a shed would really require some learning and help. But these decisions are inevitable in order to make certain that you have come up with the proper settlement for you, your renters, and your financing future.
If you have additional questions on how we can help you with all of your West Hills property management needs, the professionals at Real Property Management West San Fernando Valley are here to help. Contact us online or call us at 818-727-0100 today.
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