WAYS TO OPTIMISE THE VALUE OF YOUR RENTAL PROPERTY

Unless you’ve entered into the property market for purely substantial reasons, you’ll want to see the value of your homes increase with time. And for most of us, that means the fastest timeframe possible. While uncertainty about the impact of Brexit is causing lots of buy to let landlords to wait until the market is back on the up, there are lots of ways you can optimise the value of your property now.

The important thing to remember is that you must achieve a balance between putting enough money in to increase the value and spending too much on things that won’t yield decent returns. It’s a bit of a balancing act, and it can be tempting to go for things that look great but don’t pay out. Here are our top seven tips you can do to boost the value of your rental property and get on the right side of potential tenants.

1) Upgrade the bathroom
Dingy bathrooms, leaky taps and limescale riddled shower heads are a real no-no to tenants, but they’re still found in countless rental properties up and down the country. Any fixtures that are more than ten years old should be replaced, and when it comes to bathroom suites the cleaner and more sparkly looking the better.

2) Makeover the worktops
Cheap countertops look awful, are prone to discolouration and are actually a false economy because you’ll end up having to replace them more often. Invest in the highest quality worktops you can manage on your budget because they will instantly improve the look of any kitchen. Granite, slate and quartz are expensive options, but they’ll last longer, and tenants will love them.

3) Invest in good flooring
Cheap floors put people off and give the impression that you don’t care about your tenants. Replacing tired carpets and lino with high end materials like wood and tile might seem like an unnecessary expense, but it will help you find the right people for your property, be far easier to maintain and add significant value in the long run.

4) Give them storage
We’ve got a well-documented housing crisis in the UK, so there’s less space to go around. Especially when you’re converting commercial properties into homes it’s all about using space wisely, so clever storage is essential. Consider built in wardrobes, modular shelving and space for shoes by the door- it makes things look a lot less cluttered and will help you raise your price tag too.

5) Upgrade the windows
Tenants expect good windows that offer soundproofing, light and the ability to keep cold out. This isn’t always the case with older properties, so if yours is more than 20 years old it’s worth seriously considering some new windows. Sure, you’ll have to shell out a few thousand, but investing in quality double glazing will pay dividends in the future.

6) Make sure the roof is up to scratch
Everyone needs a safe roof over their heads, but if yours is over fifteen years old you can’t guarantee it. Not only is a leaky roof terrible for insulation, costing you a fortune in energy, it’s a danger to everyone in the property. Investing in a quality roof doesn’t just look good, it will save you a lot of money and reputational damage.

7) Don’t skimp on maintenance
Creating a rental property that people want to live in isn’t just about spending money on the big things. It’s about looking after the little things like grouting, garden areas, garage doors and even garden hoses. Build regular maintenance into your agreement and always respond quickly to tenant calls if things aren’t working properly. As a landlord, it’s your responsibility to offer a home that’s not just habitable and safe, but attractive. The more you invest in the right things, the better the rewards long term.