The spring rental season is quickly approaching, making winter the perfect time to prepare for new tenants. By performing rental property upgrades and replacing certain property fixtures, such as lights, cabinets, and flooring, you can tackle some of the smartest ways to boost your property value and increase attractiveness to new tenants.
Even if you have occupied rental properties in MD, your tenants should not have any issues with new upgrades as long as their regular amenities are functional. If you have a vacant property, now is the perfect time to upgrade so you can receive maximum value when spring rental season comes around. The easiest way to update your home is to focus on kitchens, floorings, and bathrooms – but why stop there?
Here are some unique and lucrative MD rental property upgrades to boost your property value, enhance your curb appeal, and maximize rental income.
1. Invest in New Flooring
New flooring is one of the best ways to improve your home’s appearance and property value. However, it can be difficult and stressful to install this new feature if you have tenants in your property. You might want to hold off on this tip until your property is vacant – but new flooring is definitely an investment you want to make.
Tenants often avoid properties with carpeting due to their tendency to trap smells and stains easily. Plus, carpet can be a pain to clean – if you spill a glass of red wine on a carpeted floor, it can cause near-permanent stains. If you allow pets in your rental properties, urine and feces can become trapped in these carpets, causing unpleasant smells.
Carpets suffer some of the worst wear and tear through the years. Avoid replacing old carpet with new carpet – you will likely have to replace again after your next round of tenants move out. Plus, you might lose prospective tenants who require an easy-to-clean surface. If you install a wood floor, spilling red wine or having a pet accident does not warrant the same extensive clean-up.
Consider installing hardwood or laminate flooring in your property. These materials are extremely durable and easy for you and your tenants to clean – hardwood can last for years with proper maintenance. There are several hardwood laminate options on the market that provide you with all the durable benefits of hardwood flooring without breaking the bank.
If you cannot afford to replace all of your flooring in the property, replace the kitchen and bathroom flooring. Sheet laminate is inexpensive and provides multiple style options for kitchens and bathrooms. Plus, prospective tenants love the look of new flooring!
2. Update Your Paint Job
The first impression of your property is the exterior paint job and, even if you have a beautiful interior, an unimpressive exterior will not do you any favors. A bland, worn interior paint job will also turn off tenants. Consider performing a full repaint of your property using a trendy neutral color.
You always want to choose a stock color that is easy to match with different home accents. Popular paint options among property owners include:
- Light gray (exterior and interior)
- Beige (exterior and interior)
- Dark brown (exterior)
- Cream (interior and exterior)
- Light sage green (exterior)
If you’re looking for a bolder exterior color, choose a dark navy or a brick red. If you want a classic, elegant design, repaint your exterior or interior with white. Usually, property owners shy away from white since it shows dirt easily, but white pairs well with nearly any accent color.
If you plan to continuously rent out the property, use a semi-gloss sheen throughout the home. This will come in handy during turnover time. You can wipe off most smudge marks from semi-gloss finish without having to repaint or touch up rooms. You should also aim for a full repaint instead of a touch-up for your interior walls, since it can be difficult to blend new and old paint jobs.
3. Replace Your Light Fixtures
Updating your light fixtures is a relatively inexpensive way to increase your property’s attractiveness. Tenants start noticing your light fixtures the moment they walk through the door – and cloudy, outdated, or dirty fixtures can turn them off from your property.
A new light fixture and vanity set in your bathrooms, for example, can go a long way in making your bathroom look brand-new. You can also replace your exterior light fixtures to cast a good impression on prospective tenants before they even walk through your front door.
In addition, consider replacing all your lightbulbs with LED bulbs. All new light fixtures accept LED bulbs and if you’re replacing your fixtures, you might as well replace the bulbs with them! LED bulbs are also energy efficient, providing you with an extra selling point for your leasing agent to “wow” your prospective tenants with.
4. Install New Vanity Cabinets and Faucets
Your bathroom can look outdated and drab if you haven’t replaced cabinets or faucets within the last several years. However, you can update your bathroom’s style at a very low cost by replacing the following:
- Vanity cabinets
- Sink faucets
- Shower heads
There are many modern and affordable fixture options on the market. These fixtures are also easy to install and will make a lasting impression on new tenants. Many property owners can overlook these small features, leaving tenants with undesirable and outdated designs. Impress your prospective renters by upgrading to the latest style.
5. Add New Hardware
Speaking of small details, many property owners tend to overlook hardware when updating their properties for the spring rental season. These fixtures can broadcast your property’s wear and tear to prospective tenants and turn them off from your property quickly. By making small bathroom and kitchen upgrades you can make a room look polished and impressive.
Invest in these small and inexpensive hardware replacements to impress tenants with your attention to detail:
- Door knobs
- Cabinet knobs and handles
- Outlet covers
- Curtain rods
- Towel bars
- Drawer pulls
- Door stops
Adding new hardware can make a home look brand new, especially in the kitchen and the bathroom. These may seem like small items, but these replacements can make a world of difference to prospective and current tenants.
Bonus Tip: Invest in a Property Management Service
Making necessary upgrades to your rental property can take a great deal of time and cause a great deal of stress. Consider enlisting the services of a property management group to assist you in the upgrade process and more essential property services.
Bay Property Management Group offers top-quality property management services for rental property owners throughout Maryland. Our property managers will assist you with multiple aspects of running your rental, including:
- Tenant applications and screenings
- Eviction notices
- Tax forms
- Property maintenance and upgrades
- Property inspection
- Rent collection
- Monthly financial statements
You will always need to perform necessary maintenance on your rental property. But don’t let wear and tear drive your property value down. Having a budget and a schedule for regular property updates can help increase your rental value and secure new tenants more quickly.
If you take the steps to update your property with durable materials now, you will save yourself time and money for repairs in the future. Your rental property is your investment – so protect it today!
Contact Bay Property Management Group in Howard County today to invest in stress-free ownership for your Maryland rental property.