Nationwide, vinyl siding is one of the residential properties’ most popular siding materials. However, is vinyl siding the right option for your St. George single-family rental property? The use of vinyl siding has pros and cons, similar to any other building material. But if you look closely at comparable properties in your local rental market and the cost benefits of different types of siding, it can be easier to decide which exterior would work best for your rental property.
Comparable Properties
Among the most critical aspects to take into account when picking a style of siding for your rental home is what the other homes in the neighborhood look like. Possibly the biggest reason vinyl siding is such a popular alternative for home exteriors is its affordability. Compared with other kinds of materials, vinyl siding is one of the cheapest options. Moreover, it is pretty simple to install, which can greatly reduce those costs. Concerning 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 anxious that the St. George property manager is cutting corners and may not do an excellent job of keeping up with property maintenance and repairs. Moreover, using siding when comparable properties do not could lead your property’s value to go down. As a result, before making any decisions about vinyl siding, observe 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 deciding to use the same on your property. In addition to being affordable, vinyl siding is versatile and has long-lasting durability. Vinyl siding comes in numerous different styles and colors, all of which are waterproof and fade-resistant. That indicates that once the siding is installed, it should survive for several years before it starts to show much wear. Vinyl siding is easy to wash with a pressure washer and does not retain or absorb moisture. So for rental properties in humid climates, vinyl siding might be the less expensive option that you need to keep your rental home’s curb appeal going strong.
Drawbacks to Siding
Sadly, there are some drawbacks to vinyl siding. Perhaps one of the biggest 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 there are any trees or shrubs close to your rental property’s exterior walls, those branches could result in permanent damage to the vinyl siding. Tenants are not commonly the best at maintaining plants properly trimmed, so the risk of overgrown trees must be considered before installing vinyl siding.
Another necessary 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 means 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 cost-effective substitute, it is not exactly cheap and will consume a large investment of cash to finish. You can make a more knowledgeable choice about whether vinyl siding is ideal for your rental properties by calculating how much of the cost you can carry as a multi-year tax deduction.
At the end of the day, it is up to you to decide whether vinyl siding is the ideal choice for your rental homes. Once you do, however, then the real process of locating a dependable vendor starts. All this analysis and research can occupy a substantial amount of time you could spend on more profitable investing activities instead.
So, think about the advantages of partnering with Real Property Management Southern Utah. We can assist you in determining which exterior siding options work best for your rental properties. We recommend reputable vendors with proven track records and professionals who will do the job effectively and at a fair price. Contact us online or call today to learn more about what services we provide!
Originally published on October 18, 2019.
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