Adding value to your rental property
There’s a lot of competition and fluctuation in the rental market. However, there are ways to add more value to your property and make it stand out compared to the rest.
Extensions for More Space
Adding some type of extension to the property e.g. loft conversion or adding an extra room can really up the amount of rent you’re owed. It gives people looking to rent more options, they can have an extra bedroom, or create an office.
Remember, you may need to get planning permission and ensure any improvements to the property are in keeping of the laws in the area. But in the long term you could make up the money for the extension and more.
Having a garden or outdoor space can be great for renters as they can entertain guests and have an extra place to relax. A recent survey showed that a fifth of landlords said a property with a garden topped their tenants’ list of requirements in response to coronavirus.
If you do have a garden, try to make the upkeep easy — anything that requires less maintenance for your tenant is a good thing.
Adding some outdoor furniture can also up the value and encourage renters to use the space more.
Having good facilities in your property will add value. Things like; a dishwasher and modern bathroom/kitchen are what renters are looking for – think of things that would make life easier for those living there.
If the home looks well kept, it will be more appealing to renters. So, sealing windows, adding new doors, and fixing any damage can do wonders to the appearance of your property.
Hardwood flooring is a very popular choice. It takes less maintenance than carpets and harbour less germs.
You can also make the flooring more appealing with rugs and other items as well.
These are just a few ways you can do to add value to your rental property.
If you are a landlord and need further advice, please do get in touch here.