As a Montgomery County property owner, you want your investment properties to appeal to high-quality tenants, bring in the highest monthly rent possible, and of course, increase in value over time.
Good news: There are things you can do right now to improve your rental property’s value.
These immediate things can boost a rental property’s value, attract higher paying tenants, and pad your bank account.
Here are the top updates you can make to improve your Montgomery County rental property today.
Top 8 Improvements to Increase Your Rental Home’s Value Today
1. Upgrade Plumbing Fixtures
Faucets, sinks, and sprayers in your rental’s bathrooms and kitchens have the tendency to turn dingy and become outdated. That’s why it is suggested that every 10 years or so, regardless of their condition, you replace all plumbing fixtures with more modern ones.
Chrome is now the standard when it comes to plumbing fixtures. If you want to splurge and really make your rental home’s interior stand out, consider investing in high-quality, refined finishes such as bronze or brushed nickel. Just keep in mind that your rental property’s plumbing fixtures should all match to keep a nice consistent appearance throughout.
2. Increase Storage Areas
Tenants love additional storage in their homes, especially when it comes to bedroom closets. However, adding storage to other areas of your rental as well will certainly appeal to those interested in leasing your property. For example, you can add hooks in entryways and bathrooms for hanging keys, purses, and bathroom towels. In addition to boasting a large walk-in closet, you can add closet organizers to capitalize on the available space.
If you want to invest a little bit more money in the hopes of making it back with a higher monthly rent amount, try installing permanent shelving in your garage, creating built-in shelves or wall storage in family rooms, or even adding a shed in the backyard.
3. Add Architectural Design
Spicing up a boring room is easy when you focus on the details. For example, adding crown moldings to join the junction between the walls and ceiling is a simple way to add elegance to any room. There are many styles of moldings available, from minimalist to ornate, and you can choose the one to match the overall look and feel of your rental.
In addition to crown moldings, consider upgrading your rental property’s baseboards. There is nothing worse than filthy, beat-up baseboards. If you want to take things a step further, there are decorative trims you can add to the top of your baseboards to make them more stylish.
4. Change Windows and Doors
There are many benefits to changing out your rental property’s windows and doors. In addition to adding an aesthetic appeal, it can reduce outside noise, lower heating and cooling and bills, and even increase the natural light that is allowed into the home during the day. All of this is going to be an attractive selling to point for any prospective tenant looking to lease a home in Montgomery County.
Again, if you want to invest a little more and really stand out amongst the competition, consider adding French Doors that lead out to the backyard rather than keeping the standard sliding door in place. French Doors add elegance, open up the area, and let beautiful light in. In addition, you can add skylights to brighten up areas of the home that may be lacking.
5. Change the Overall Floorplan
Depending on how much money you have allotted to improve your Montgomery County rental home, you may be able to go so far as to change the entire layout of your property’s floorplan. For instance, you might take down a wall that exists between the kitchen and living room to open up the area. Or, you might expand on the master bathroom’s accommodations to add things such as his-and-her sinks, a larger bathtub, or an upgraded shower.
Other ideas include taking space away from a room to make another room larger. For example, you might make your property’s living room area smaller to make space for a walk-in kitchen pantry. The possibilities with floorplan changing are limitless, so long as your finances allow for it.
6. Wash Your Property’s Exterior
One way to improve your property that many people may not think of is washing the exterior of their rental property. Something as simple as scrubbing the main sections of your home with sponges and a bucket of soapy water will do wonders to make your home look more alive. And don’t forget to clean the rain gutters and windows while you are at it.
Additionally, you can power jet wash your driveway, sidewalks, and pathways to get rid of dirt and stains from years of use. Just remember, you should not power wash the actual exterior of your home. The power of the stream can wash away paint and even damage brick.
7. Re-caulk Taps, Pipes, and Showerheads
In an effort to fix water damage and discoloration that results from cracked caulking around things such as taps, pipes, and showerheads, you should re-caulk all sealed surfaces in your property. Not only will this help with any dripping issues you have in the kitchen or bathrooms, it will make your seals look fresher and more inviting. Just make sure you use the right shade of color so that the new caulking doesn’t clash with the surrounding area.
8. Upgrade Countertops
Many rentals utilize cheap laminate on both their kitchen and bathroom countertops. Unfortunately, this material is prone to damage and discoloration from liquids and burns. Installing granite, slate, quartz, or other solid material for countertops will make any kitchen or bathroom look better. Plus, the countertops will be durable and look better, even with prolonged use.
In the end, there many things you can do to improve your Montgomery County rental property. Even choosing just a few options from the above-mentioned list will greatly improve the overall look of your rental.
If you own a property in Montgomery County and are interested in improving your rental to entice high-quality tenants to lease from you, try adding some of these things to your to-do list when it comes to staging your vacant property.
And, if you want an even better experience once your tenants have been placed in the property, contact Bay Management Group today. As Maryland’s leading property management company, and with experience in tenant screening, lease drafting, rent collection, and more, Bay Management Group can handle everything related to your rental property so you can rest assured your property is handled in the best way possible.