Nationwide, vinyl siding is one of the residential properties’ most common siding materials. But is vinyl siding a smart move for your Norfolk single-family rental property? Similar to any other building material, there are pros and cons to picking vinyl siding. But by thoroughly analyzing comparable properties in your local rental market and the cost benefits of different types of siding, choosing which kind of exterior would work best for your rental property can be less complicated.
Comparable Properties
One of the vital factors to consider when buying siding for your rental home is what the other homes in the neighborhood look like. Its price is perhaps the biggest reason vinyl siding is a common alternative for home exteriors. In comparison with any other materials, vinyl siding is the most reasonable. Plus, it is pretty easy to install, which can certainly reduce those costs. In respect of 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 looks cheaper than the houses around it, renters might be suspicious that the Norfolk property manager is cutting corners and may not be keeping up with property maintenance and repairs. Furthermore, installing siding when comparable properties do not may lower your property’s value. So, before making any judgments regarding 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 clear benefits to deciding to use the same on your property. In addition to being cost-effective, vinyl siding is versatile and has long-lasting durability. Vinyl siding is obtainable in numerous different styles and colors, all of which are waterproof and fade-resistant. This guarantees that once the siding is installed, it should last many years before it begins 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 affordable remedy you need to keep your rental home’s curb appeal going strong.
Drawbacks to Siding
On the other hand, there are several drawbacks to vinyl siding. Perhaps one of the critical factors 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 around your rental property’s exterior walls, those branches could produce permanent damage to the vinyl siding. Tenants are not always the best at keeping plants neatly trimmed, so before installing vinyl siding, it is advisable to think about the danger of overgrown trees.
Another 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 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 low-cost solution, it is not exactly cheap and will need a large investment of cash to finish. Understanding how much of the cost you can carry as a multi-year tax deduction can help you better decide whether vinyl siding is ideal for your rental properties.
Lastly, it is up to you to decide whether vinyl siding is a good idea for your rental homes. Once you do, however, then the true procedure of finding a great vendor begins. All this analysis and research can require a substantial amount of time you could spend on more profitable investing activities instead.
So, take a look at the perks of working with Real Property Management Hampton Roads. We can assist you in choosing which exterior siding options work best for your rental properties. We recommend expert vendors with proven track records and professionals who will do the job correctly and at a fair price. Contact us online or call today to learn more about our services!
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.
