Increase Your Rental’s Property Value With These Six Steps

Updating the interior and exterior to your property will increase your property value if you ever consider selling, plus these updates can be regarded as an added value and will allow you to charge more for rent. The upgrades should pay for themselves very quickly.

Make A Plan to Increase Property Value

Before you begin any renovation project, map out a timeline and estimated budget for each update. Depending on your time and resources, the planning process will help you decide where to start.   Ideally, you’ll  want to work on the larger upgrades when the property is vacant, but if you currently have a renter just make sure they are ok with a little construction.

Start With The Kitchen

No matter how hard you try to steer people into the living room, friends and family always end up hanging out in the kitchen during gatherings. Potential renters should feel a sense of instant warmth when entering the kitchen. A kitchen is the heart of every home, and it’s the first place you should spruce up, no matter how small the upgrade.

Add a decorative backsplash for easy, eye-catching appeal. Painting or replacing the cabinets will also give the space a new look.

If the kitchen appliances need upgrading, try to replace them all at once, so the colors match.  Installing a new countertop and floors is more advanced and could set you back a bit financially, but in the long run, you’ll recoup your investment with higher rents and an increased property value.

Let There Be Light

Ask any renter who has lived in many apartments, and they’ll say that rental properties are notorious for having inadequate lighting.  If you have plain or outdated fixtures or simply lack of proper light, your rental will shine with the addition of new lighting.  Lighting will change the entire look of your rental property.

Invest in dimmer switches for rooms like the living room or dining areas that have overhead lighting for controlled mood lighting. Install recessed lighting to brighten up larger rooms or dark corners.

For environmentally friendly lighting options, skylights will naturally light the unit and save energy.  Change all the bulbs to LED; they’ll last longer. Leave a few extra bulbs stashed away in a closet as a kind gesture.

Modernize The Bathrooms to Increase Property Value

Install brand new cabinets, or if they are still presentable add a fresh coat of paint and new hardware. Faucets and shower heads are an excellent way to modernize the look of the bathroom.  A new toilet will go a long way in added bathroom appeal, as well as updating or adding a bathroom fan.

Other bathroom updates include painting the walls, installing new floor and tiles, and putting in new lighting fixtures.

If you have more than one bathroom in the unit, try to update them all at once so you can use matching accessories.

Get Electric

With all the electronic devices everyone is tethered to these days, finding an open plug for recharging is sometimes a challenge.  Today’s new wall outlets include traditional plugs as well as added USB ports that can be switched out with your existing outlets.  A bonus for any renter!

New Or Updated Windows

New windows will control drafts and are easier to clean, as well as your property value.  If a new set of windows isn’t in your budget just yet there are other ways to refresh. At the very least, free up painted-shut upper windows, replace broken panes, update hardware, and add weather-stripping.

We are pleased to be considered one of the top property management companies in Montgomery County, Maryland, including one of the best property management companies in Bethesda, MD. If you have any questions regarding your rental property, don’t hesitate to contact us. We would be happy to help.