Nationwide, vinyl siding is one of the residential properties’ most popular siding materials. But is vinyl siding a better candidate for your Blackfoot single-family rental property? Like any other building material, vinyl siding has both pros and cons. However, by looking closer at comparable properties in your local rental market and the cost benefits of different kinds of siding, it can be simpler to determine which sort of exterior would work best for your rental property.
Comparable Properties
One of the most critical things to think about when selecting a type of siding for your rental home is what other homes in the neighborhood look like. Perhaps the biggest reason vinyl siding is such a popular option for home exteriors is its affordability. In comparison to other forms of materials, vinyl siding is one of the lowest-priced. It is also convenient to install, which can drastically reduce those costs as well. In respect of budget-friendly options, vinyl is the clear frontrunner for rental home exteriors.
But 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 lower in price than the houses around it, renters may worry that the Blackfoot property manager is cutting corners and may not do great work of keeping up with property maintenance and repairs. Also, if your home has siding and comparable properties don’t, it could result in your property’s value decreasing. So, before you decide what to do about vinyl siding, review 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 low price, vinyl siding is versatile and has long-lasting durability. Vinyl siding has a variety of styles and colors, all of which are waterproof and fade-resistant. That means that once the siding is installed, it should remain for 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 affordable alternative that you need to keep your rental home’s curb appeal going strong.
Drawbacks to Siding
But there are a few drawbacks to vinyl siding. Possibly one of the main causes 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 close to the rental property’s exterior walls, those branches could cause permanent damage to the vinyl siding. Tenants aren’t the most effective at keeping plants trimmed, so it is important to think about the possibility of overgrown trees before installing vinyl siding.
Another valuable 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. Even though vinyl siding is cost-effective, it is not exactly cheap and will involve a large investment of cash to accomplish. Knowing how much of the cost you can carry as a multi-year tax deduction can give you an idea of whether vinyl siding is appropriate for your rental properties.
In the end, it is up to you to choose whether vinyl siding is the best option for your rental homes. Once you do, however, then the real work of choosing a suitable vendor starts. All this analysis and research can require a considerable amount of time you could spend on more profitable investing activities instead.
So, think about how hiring Real Property Management Pocatello could help you. We can help you figure out which exterior siding options work best for your rental properties. We recommend credible vendors with proven track records and professionals who will do the job properly and at a fair price. Contact us online or call today to get more information about what we have to offer!
Originally published on October 18, 2019.
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