One of the best ways to maximise your profit from a buy-to-let is to make some improvements to the property you have purchased. These improvements can either seek to make the property more attractive to renters to allow you to demand a higher rate or you could look to the long term to improve the eventual re-sale value somewhere down the road. In an ideal world, the works you carry out would achieve both of these goals at the same time. So here, Dakota Murphey, an independent content writer working with leading interior design manufactures Price Kitchen, gives you some of the best ideas for what do with your property.
There can be no doubt that one of the best ways to make additional money on your buy-to-let investment is to add a bedroom. For the majority of houses, by far the easiest way to do this is through a loft conversion. Obviously this will only be possible if you have the relevant space to do so, but the result can be a whole extra bedroom which not only increases the amount you can let the property for, but it also adds a great deal to its eventual sell price.
The key to a great loft conversion is ensuring that its fits in with the rest of the property. A bad loft conversion looks simply like you’ve tacked on a room without thinking about the overall aesthetic. Ultimately this could do more harm than good to your prospects – so it’s important to get it right.
Update the bathroom
When it comes to upgrading your bathroom there is often no need to go for a full-scale remodel. Instead there are plenty of small alterations you can make that add up to a big change. Consider things like changing the taps, fitting a new toilet seat and replacing a shower head. These can do a lot to freshen up a bathroom. If the paint work or flooring is getting a little tired, these can be re-done relatively cheaply and easily too. A smart-looking bathroom will make a big difference to the desirability of your buy-to-let property.
Single glazed properties are far less desirable than those with double glazing because of the lack of energy efficiency. Once again with this type of home improvement you have the dual benefit of making your property more attractive to renters in the short term but also adding a lot to its long term value if you decide eventually to sell it. This is especially worth doing if the windows in the property aren’t in great condition.
Basement conversions are typically more expensive than loft conversions, but they can still be worth doing as the value of adding living space often outweighs the initial cost. Whether you turn your basement into another bedroom or use it as a lounge instead, this can be a very useful addition to any buy-to-let property. A basement conversion is a big project, however, and it may involve structural changes to the house, so this is only something you should consider after a lot of thought.
Improve the front door
Sometimes it can be relatively small things that make a big difference to the value of a property. Remember that first impressions count for a lot, so having an attractive front door is vital. Once again, replacing it entirely might not be necessary. First you should repaint and buy a smart new doorknob and house number. Alternatively, if you have already made changes to the property it might be worth buying a new door simply to keep the aesthetic the same.
Install central heating
If the property doesn’t currently have central heating installed, this can be a very cost effective way to increase its value. The returns you can achieve from a good central heating system far exceed the cost it will take to have it put in.