Nationwide, vinyl siding is one of the residential properties’ most well-known siding materials. However, is vinyl siding a great decision for your East Providence single-family rental property? Just like any building material, there are pros and cons to picking vinyl siding. But by investigating comparable properties in your local rental market and the cost benefits of various sorts of siding, it may be more straightforward to conclude which sort of exterior would work best for your rental property.
Comparable Properties
One of the main interesting points while picking a style of siding for your rental home is what the other homes in the neighborhood seem to choose. The inexpensiveness may be the biggest reason vinyl siding is a popular choice for home exteriors. Compared with various types of materials, vinyl siding is one of the most affordable. It is also generally simple to install, which can seriously reduce those costs as well. Regarding budget-friendly options, vinyl is the clear frontrunner for rental home exteriors.
Nonetheless, 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 looks low-priced than the houses around it, renters might be anxious that the East Providence property manager is cutting corners and may not do a great job of keeping up with property maintenance and repairs. Furthermore, utilizing siding when other properties do not could cause your property’s value to go down. In this way, before settling on any conclusions about vinyl siding, inspect similar properties in your rental market first.
Cost Benefits
If vinyl siding is widely used in your rental market, there are some obvious benefits to choosing to use the same on your property. In addition to its affordability, vinyl siding is versatile and has long-lasting durability. Vinyl siding comes in many different styles and colors, all of which are waterproof and fade-resistant. That means that once the siding is installed, it should last many years before it starts to show much wear. Vinyl siding is easy 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 low-cost option that you need to keep your rental home’s curb appeal going strong.
Drawbacks to Siding
Sadly, there are a couple of drawbacks to vinyl siding. Perhaps one of the main reasons you might not want 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 result in permanent damage to the vinyl siding. Tenants are not generally great at keeping plants neatly trimmed, so the chance of overgrown trees should be considered before installing vinyl siding.
Another vital 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 signifies 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. While vinyl siding is a reasonable choice, it is not exactly cheap and will involve a large investment of cash to finish. Knowing how much of the cost you can carry as a multi-year tax deduction can assist you with better deciding whether vinyl siding is ideal for your rental properties.
At last, it is up to you to conclude whether vinyl siding is the ideal choice for your rental homes. Once you do, however, then the real work of acquiring an excellent vendor begins. All of this analysis and research can take up a considerable amount of time you could spend on more profitable investing activities instead.
So, consider the perks of employing Real Property Management Providence. We can assist you in figuring out which exterior siding options work best for your rental properties. We recommend quality 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 study what we offer more deeply!
Originally published on October 18, 2019.
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.
