Storage Shed Redmond Oregon: A Smart Rental Property Investment?
Your rental property may be overflowing with lawnmowers, rakes, and other equipment that doesn’t have a designated spot. Storage sheds could be the answer.
Having a storage shed on a rental property can be both a benefit and a drawback. You can give your tenants more living space by adding a shack to a single-family home, but this may also be considered an annoyance in specific markets.
Are Storage Sheds a Good Rental Investment?
When it comes to the practical benefits of a storage shed, the real question is whether or not your current and future tenants will be happy to have it on their property.
Long-term renters who intend to stay in a particular area for an extended period tend to favor single-family homes. This demographic may find it appealing if they have the option of storing their belongings season after season in an additional area. This is especially true if the main house has a small garage or a limited number of closets. People who have a lot of personal things will still be willing to pay a little more for extra storage.
However, it is possible that the storage shed on your rental property will be considered an unwanted addition if it is located in a neighborhood where the minimalist lifestyle is the norm (such as a tiny house community). Many renters choose to live a more simple life where they keep their possessions to a minimum. If young adults dominate your rental market, they may not see the value in a storage shed and refuse to pay the additional cost.
Storage Sheds Necessitate Regular Upkeep
Building a shed on a rental property may pose some difficulties for landlords and the time and money spent on property upkeep. Structural damage can occur in sheds because of the accumulation of rusty, filthy, and worn items. Another problem is that tenants may overfill the shed, attracting rodents and other pests to the property. Scheduled inspections will be necessary to ensure tenants aren’t abusing the shed.
Is It Better to Buy or Build a Shed?
If you decide to add a storage shed to your rental property, there are two options: either build it yourself or purchase a pre-built one. You can save a lot of money by creating your shed because you won’t have to pay for someone else to do it. In addition, you can make the shed as big or small as you want and use any material you want. If you don’t think you’re good enough, you can always hire a contractor who has done this before.
There is no better option for those who lack the time and resources to build a storage shed than purchasing a pre-made shed. Steel, wood, and plastic prefabricated sheds are available in various sizes and materials. Check out the company’s reputation before purchasing.
Assured Return on Your Investment
A storage shed is a wise investment that can benefit you and your future renters. Installing a high-quality shed can raise the market value of your house, and renting your property out at a higher rate will allow you to command a higher asking price when it comes time to sell.
Investing in a storage buildings central oregon on your rental property may not be a good idea if you don’t know what the local real estate market is like. Depending on your location and target demographics, a storage shed may or may not bring in as many tenants as you had hoped.