Are you looking for 5 ways to increase your Arlington property value this year? With the immense changes happening in Arlington VA due to the development of National Landing, Ballston, Clarendon and more, if you own a rental property in Arlington VA, you have plenty of reasons to make 2020 the year you reinvest in your property–and work to increase its value. Because Arlington is such a prime rental market, improving your property will make it more attractive to the high-quality, long-term renters you are looking for. And of course, should you decide to sell at some point, your property will be in a good position to do so. In this article, we’ll review 5 ways to increase your Arlington property value.
1. Start by taking care of the essentials
Before you invest in upgrades to your Arlington property, zero in on utility first. Your primary focuse should be ensuring that the property has no looming maintenance or upkeep needs. These include significant repairs or replacements that eat into your revenue, put your existing lease at risk, and have the potential to lead to costly property damage. Some examples include:
A failing roof: If not promptly repaired or replaced, this can lead to roof leaks, water damage, and mold growth in the property that costs you thousands to repair.
An older water heater: A water heater could fail, leaving your renter without hot water until you have the unit replaced. Worse, a corroding water heater has the potential to leak or burst, leading to water damage in the property.
Aging HVAC systems: A new air conditioner or furnace is a significant investment for any property owner. A furnace that fails in the winter or an air conditioner that stops working in the summer can also lead to renter frustration and lost rental revenue.
We recommend that you work with licensed Class A Contractors in your area to ensure that your property’s roof, plumbing, and HVAC systems are in good shape. Once you’ve shored up the essentials and taken care of necessary preventative maintenance work, you can move onto making value-adding improvements.
2. Remodel the kitchen and bathroom
As it turns out, what’s generally true for the home sale market is not necessarily true for rental properties. However, there is a reality that both homebuyers and renters prefer updated kitchens and bathrooms that pair superior utility with fresh, modern design. If your rental property’s kitchen looks like it belongs in a ‘80s sitcom, it might be time for a refresh and re-imagining of the space. Doing so can greatly improve the property’s value and its appeal to a wider group of renters.
In fact, kitchen and master bathroom remodels can offer a solid return-on-investment especially when the update brings a 1980s kitchen or bathroom up to the taste standards of today’s consumer. To get the most long-term value for your remodeling dollar, choose durable materials—such as granite countertops and tile floors—that will stand up to the wear-and-tear renters put on the property.
3. Make the property more energy-efficient
In addition to a remodeled kitchen and bathroom, buyers and renters are also both interested in saving money. By making your Arlington rental more energy-efficient as a whole, you’ll make it that much more attractive to those looking to keep their utility costs down in the coming year. Many property owners are beginning to advertise energy-conserving features when listing their rental, because they know renters and buyers are attracted to properties with low cooling and heating costs.
Even relatively low-cost efficiency improvements—such as adding weatherstripping and sealing around windows and doors—can make an impact. You should also look into having the property’s HVAC systems maintained every year, sealing leaky air ducts, and adding additional attic insulation to cut down on energy waste.
4. Improve the first impression your property makes
The odds are good that your next Arlington renter will find and view your property online long before they see it in-person. This first impression is everything: while scrolling through multiple properties, yours needs to make an immediate, positive first impression on the prospective renter. If it doesn’t, chances are that it’s going to get passed over again and again.
So, how can you improve the first impression your home makes? You may want to start by reworking your front yard landscaping. Whether they visit in-person or view your property online, this will probably be the first thing a prospective renter sees. Overgrown trees, bushes, or grass sends the wrong impression. Since Arlington is a competitive rental market, we highly recommend professional photos and videos for online listings.
5. Make small, impactful changes
Not every rental improvement project needs to be a major renovation. You can also add value to your property through small upgrades and changes. A few common examples include:
- Repainting the interior and exterior
- Switching out older lights for brighter, energy-efficient bulbs
- Replacing or deep cleaning carpeting
- Changing out older appliances for new ones
- Extending the backyard patio with pavers or flagstone
One of the best ways to perform research about your own property is by taking a look through rental listings and seeing what other property owners in your area are doing to make their rentals more appealing.
If you would like to learn more about WJD Management, please review our comprehensive Management Program guide. If you are ready to rent your Arlington home, feel free to take advantage of our exclusive FREE Rental Market Analysis. Finally, don’t forget to connect with us on social media! Follow us on Facebook, Twitter, LinkedIn, Instagram, and Pinterest for tips, ideas and updates.