Adding value to your rental property is important for two reasons: you will get a higher offer on the property when you come to sell, and tenants are more likely to be interested in renting your property. To add value to your property though, you need to be prepared to invest significantly in your property in order to make sure that it stands out among the many other rental properties that are currently available on the market.
1.Extend the Property
If you are able to, extending your property will instantly add value to the building and ensure that you can charge higher rents for the home. For a medium-sized extension, you can add an extra £59,000 to your property’s value, which can enable you to make high profits when you come to sell the building. Not only this but building an extension can make the home more appealing to families and couples that are looking for a larger living area, with the potential for more bedrooms enabling a higher amount of people to live in the house. There are a variety of different types of extensions for rented properties, and a traditional brick extension is the best of these for raising value and for durability. However, you need to make sure that you are aware of the process of planning permission when it comes to extending a property and how you apply for this.
2. Perform Regular Maintenance
In order to charge more rent to your tenants and ensure that your property maintains its value, you should perform regular maintenance on your house’s appliances, gadgets, and services. You can ensure that all your essential features are regularly maintained by performing checks and inspections consistently to highlight any appliances or systems that need professional care, and you should learn some simple DIY techniques in order to conduct emergency repairs to these. You should also instill a strict end of tenancy cleaning regime to ensure that your house is left at the same standard as it was previously. If there are any features that need repairs or regular maintenance, you can find a reliable local handyman online. Doing so will help the home to retain its value and to prevent the need for more severe repairs or emergency issues in the property, such as leaks.
3. Cultivate the Garden
The garden is a luxury that many tenants look for within the home, especially if they have pets or children, and can even boost the value of the property to potential buyers. Although there are many simple garden fixes that you can perform on a regular basis, such as pulling weeds and planting bright flowers to make the property attractive, you should consider creating an outdoor living space.
Outdoor living spaces can extend the room that a family has to live within the property and can act as a summer living or dining room, especially with the installation of features such as summer houses to keep out of bad weather. You can create an outdoor living space by creating separate sections for different activities such as entertaining and eating, and install basic garden furniture such as a chair and table, or barbecue, for general use. You can also cultivate the garden by enhancing its security, such as high and safe fencing and outdoor lighting. This will enable families to feel safe within the property and make sure that they are comfortable allowing their animals and children into the garden.
Even rented accommodation needs to be redecorated from time to time, as the constant cycle of tenants causes heavy wear and tear on both furnishings, and features such as walls and carpets. Then, you should attempt to redecorate features that have become worn between each tenancy, as this will increase the going price of your property. In rented accommodation, it is often best to redecorate in neutral color schemes. Although you may believe that bright and customized décor complements the house, many renters will want to personalize their own homes over your own preferences.
5. Add Luxuries
However, to attract renters and get the best out of your property, why not add a few stand-out luxuries which can become the main features of your home? From practical features such as quartz kitchens and en-suites in the master bedrooms to more extravagant options such as gadgetry, added extras will make potential renters more likely to opt for your home, and make sure that it is a more attractive prospect when you come to sell.
Adding value to your rental property is important to attract more interest in your property from potential renters and to increase your profits when you come to sell. Whether you choose to make big renovations to your property, such as adding an extension, or you simply decide to add small luxuries, such as a landscaped garden or en-suite, you will be able to increase the worth of your property for the future.