As the prospect of owning a property is becoming increasingly unrealistic for many, more people are having to rent for life. As a result of this, tenants are now looking for properties that feel like a long-term home, as opposed to a temporary place to live until they can afford to buy their own property.
With renting becoming a permanent living solution for many tenants, this is a great opportunity for landlords to make the most of their investment.
The best place to start is to look at any cosmetic defects in the property. First impressions are everything when tenants are a viewing a property, so issues like damp and peeling paint can give viewers the impression that the property is in poor condition. Dealing with these issues and doing a deep clean between tenancies are the simplest ways to add immediate value to your property, at minimal expense. If your property has a garden, make sure that plants and any shrubbery and lawn areas are well maintained.
When it comes to decorating your property, remember to keep things simple. Painting the walls a neutral colour and using plain furniture will give mass appeal to your property, as it gives tenants the opportunity to add their own personal touches without having to do any major redecoration.
The kitchen and bathroom probably require to the most effort and expenses, but they are the most rewarding when it comes to adding value to your property. These rooms have the most value to tenants and they can instantly make the property look fresh and modern. According to Mark Trup from Arthur Online, an online property management company, spending £10,000 on a new kitchen can add up to £30,000 to your property’s value, which will translate to increased rent.
However, if you don’t have the budget for a new kitchen or bathroom, you can breathe new life into these rooms at a fraction of the cost. Doing minor cosmetic updates like giving the rooms a fresh coat of paint and adding new fixtures, or simply getting them professionally cleaned, can still add substantial value to your property.
Tenants are becoming increasingly conscious of the environment and their carbon footprints. Minor changes like using low-energy light bulbs, recycling facilities and better insulation will make your property more environmentally-friendly. Not only will adding these features make your property more energy efficient but will also make it more cost effective for your tenants.
Finally, adding something a little extra can give your property the edge in a competitive rental market. This could be anything from a luxury kitchen appliance to a high spec security system. One feature that will guarantee a surge in your property’s rental value is a private parking space, especially in inner cities where they are few and far between. Being able to offer private parking will make your property stand out to potential tenants.
With more people choosing to rent for life, it’s vital that tenants can picture your property as a home. After all, the security of a long-term tenant is the best way for landlord to capitalise on their property, so any expenses spent on maintaining your property to a high standard will be worthwhile.
Are you looking to sell a recently redecorated buy to let property? Get your FREE valuation today and find out how yieldit can sell your tenanted property!
