How to Increase Your Rental Property Value
Every real estate owner wants their rental property value to increase over time. Market upswings and downswings are out of your control, but there are changes you can make to your property today to help its value climb independently from the market. The goal is to maximize your investment, which is only possible if you choose upgrades that attract top tenants and justify a rental rate increase without spending too much on improvements.
Let Coakley Realty perform a market analysis to help you identify which upgrades will increase your rental property value the most. Then, allow us to execute the building renovations you select. These are just some of the services we provide when you choose us for residential property management in Maryland, Virginia, and DC.
To learn more about renovating your building with help from Coakley Realty, please contact us online or call 301-340-8700 today. In the meantime, consider these tips for increasing your rental property value.
Replace Kitchen & Bathroom Fixtures
Trading out leaky or outdated faucets and showerheads is a simple, cost-effective way to improve the appearance of your property’s kitchen and bathrooms. Regardless of the condition of your plumbing fixtures, consider upgrading them to a modern style if they’re more than 10 years old. Shiny chrome is regarded as a standard finish, but if you really want your fixtures to stand out, consider oil-rubbed bronze or brushed nickel.
Install New Countertops
Does your rental unit have scratched and discolored laminate countertops? Install a natural stone product like granite or quartz in the kitchen and bathroom for a huge boost in value and aesthetics. Other durable, beautiful countertop options include ceramic tile, recycled glass, and stained concrete.
Upgrade the Flooring
Worn carpet and yellowed linoleum flooring are not attractive to potential tenants. Rip out low-grade floor materials and replace them with higher end options like frieze carpet, laminate, tile, stone, or even real hardwood. (To help carpet last longer, consider offering free carpet cleaning to your tenants once a year.)
Provide More Storage
Storage space is often at the top of the priority list for renters, so attract new tenants by meeting their needs. You might hang hooks at the entryway for keys or in the bathroom for towels. You could install a custom closet organizer or put a pantry in the kitchen. If your rental property includes a garage, consider installing permanent shelving or cabinets here.
Replace the Windows
If your property has outdated single-pane windows, make it a priority to replace them with more energy-efficient double-pane windows. Upgrades that improve your unit’s efficiency are very appealing to prospective tenants.
Repair the Roof
About every 15 years, bring a roofer out to assess the shingles, perform repairs, and possibly replace the entire roof. Neglecting this part of your building could lead to water damage, which might impair property value and cost much more in the long run.
Property Management in MD, DC & VA
You might want to complete just one or two items on this list, or it may be time to upgrade all of these features in your rental property. If you’re not sure about the payoff of each one, Coakley Realty can perform a market analysis to help you see what amenities are in high demand, and therefore which upgrades will deliver the biggest payoffs. Then, we can arrange a building contractor to perform the work you need.