Running a rental comes with a host of bills and often making improvements to the property is the last thing on a landlord’s to do list.
However, by being proactive and completing a few (even minor) improvement tasks you can increase the value of the property, minimise vacancies and improve landlord tenant relationships.
Nobody wants to live in a property that is worn out, tired, dirty or simply outdated. Regular maintenance tasks and deep cleaning will both ensure that a property stays appealing but also reduce more expensive maintenance works.
One of the quickest and cheapest ways to refresh and renew the look of a property is with a lick of paint. Keep your choices neutral and light. This will help increase the mass appeal of the property.
Personally we prefer paint over paper for several reasons:
NB: If you have multiple properties consider painting them all the same colour.
The most important rooms in a property are arguably the bathrooms and the kitchen. Water does bad things to a lot of surfaces, and these two rooms suffer the most in their day to day use.
There are a few simple things that done regularly can help keep these rooms sparkling and which require little more than a little bit of elbow grease.
No matter the size, a nice garden is a big draw and people will pay more if they have a place where they can relax in the sun or have BBQs. This being said, when thinking about the garden space a lot of tenants aren’t going to be that great at looking after it.
If you do go down the road of doing up the garden consider these three things.
If you really want the garden to stay nice you may want to consider hiring a gardener to do regular maintenance work. The cost of this can be prohibitive, but even just once a month during the Spring and Summer, when things are growing will have big impact.
If your property is in an especially competitive market. Then you might consider adding additional features to your rental to help increase its value. Thes are things that maybe aren’t necessary and often come with a little higher expense than the previous items on the list.
More modern kitchen appliances are serious points of interest for a lot of tenants. I know that having a quality stove and oven is one of the first things I would check in a rental when I was renting (if it was old and electric I would walk away no matter how nice the rest of the property was). On top of this, old fridge freezers can be inefficient and incredibly uneconomical, driving up energy bills.
Smart tech can help make a property more eco-friendlyamongst other things. For example, installing a smart thermostat to properly control the climate in a property will reduce energy bills.
Many renters are willing to pay a premium for features like these, aware that they will help them reduce their energy bills in the long run, as well reduce their carbon footprint in ana age where we are all environmentally aware.
There are other ways to improve a properties rental value like adding an attic conversion or putting in expensive hardwood floors, however, in this article we have focused on the more affordable ways to maintain and cheaply upgrade the property and in that way increase the properties value.
What are your tips and tricks for improving a property's value? Share them with our readers in the comments section below.
We hope you found this blog interesting! However, do note that it should not be used as a substitute for competent legal and/or other advice from a licensed professional.
Capital Gains Tax is applied to any profits made through investment in assets. It is applicable to things like cars, art and in this scenario, property. In this article, we detail who is liable to pay Capital Gains Tax upon the sale of a property in the UK and how much that tax is likely to be.