Modernising A Rental Property: A Landlord’s Guide
All rental properties eventually start to look dated. If the fixtures and fittings in yours are starting to look somewhat medieval and you’re about to list it via an online property agent, then it’s high time you addressed this. An updated and modernised property can bring in significantly more cash than something that is looking overly worn at the edges, meaning that any money you spend updating it you’re likely to make back.
There’s also an awful lot of competition in the rentals market, with landlords often competing with brand new, purpose built properties packed full of modern amenities, meaning an older property is likely to be passed over in favour of something more fitting to tenants’ needs. Plus, the prices of rental properties are rising – with many tenants paying around 50% of their wages towards rent. This being the case, they’re going to want value for money. So, if you’re starting to see the benefits in updating your property, then why not have a little read of our handy guide below.
By law, your property must have an Energy Performance Certificate, ensuring it is as energy efficient as possible. However, there are a few smart steps you can take to boost this even further and thus increase its appeal. A new boiler with a smart thermostat that’s controllable via the tenants’ phone is an attractive option to renters, which will also help them control their bills a lot more.
You really don’t have to go all-out with a hardcore renovation to make a substantial difference to the property. Adding an en suite bathroom to a main bedroom or a second toilet are immensely effective ways to increase a home’s appeal, particularly when everyone is jostling for the bathroom in the morning. You could also think about knocking through an interior wall to make a living room larger.
By replacing old, tired out windows you’ll kill two birds with one stone. First of all you’ll ensure the property is much more energy efficient and secondly it’ll look much more modern, with the interior bathed in gorgeous natural light.
The kitchen is the one room in the house which will start to look old, dated and grotty quickly. Updating it for something a little more contemporary is a huge draw for tenants. Think about how to use the space as effectively as possible with sleek worktops and fittings as well as new flooring.
Appliances may seem like somewhat of a luxury, but they are also what could sway a tenant – particularly if they are a young professional with limited time and a healthy cash flow. Try thinking about an induction cooker for the kitchen and a washer dryer. Not only will this save them time in the evenings, but many are available for purchase as deals and will even go a substantial way towards reducing a tenant’s bills.
First impressions are important and nothing says this more than the exterior of a house. A clean, bright paint job will really impress them. Equally, a weekend spent working on the garden to show the property off in its best light can really help. Go for things like ornamental stone in the front garden, which won’t need endless maintenance.
With many people working from home nowadays as well as the increased time we all spend on the internet, adding fast broadband to the property will also make it hugely appealing. They’ll be able to log on as soon as the get the keys and won’t have to worry about spending two weeks in the dark ages as they negotiate an internet contract.
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As a landlord you will gain passive monthly rental income from your buy to let and capital appreciation as the years flit past. And it’s exactly this capital appreciation ...
February 12, 2021
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