How to Increase the Value of Your Rental Property
As a landlord, it’s important to ensure that you continually have tenants occupying your property. Void periods cost you money and should be kept to a minimum.
Fundamentally, that means making it a nice place to live in order to attract as many tenants as possible.
The more tenants are attracted to your property, the higher the rental you can command.
It’s also important to ensure that you get the most out of property and maximise its value, should you ever decide to sell up.
In today’s article we’ll be looking at several ways in which you can achieve this.
Some of these ideas require larger investments than others, but even if you have a limited budget, there are options available to you that will impact upon the value of your property portfolio and ensure it’s in high demand from potential tenants.
So, let’s take a look at some of the best ways in which you can increase the value of your rental property portfolio.
Install a New Kitchen
Kitchens are one of the most important rooms in any house or apartment.
They tend to be an area of the home where residents congregate.
Creating a welcoming kitchen will really sell the property to potential tenants and ensure they remain in your house or apartment for as long as possible.
If your kitchen is looking a little dated or shabby, it may be time for a makeover.
Of course, you don’t always have to replace the entire kitchen – it could just be a case of replacing the doors on the kitchen units and/or some of the fittings to give it a more modern look, putting down a new floor covering, or perhaps replacing an appliance.
Give it a New Paint Job
One of the cheapest ways of improving how your rental property looks is to give it a lick of paint.
It’s important that your property appeals to as wide an audience as possible, so try to stick to neutral colours. Although you may like the look of bright colours, you need to consider what would appeal to most people – and that, of course, is often white or magnolia.
If your house or flat has a painted or rendered exterior, giving the outside a new coat of paint can do wonders for how attractive your property looks from the kerb. And first impressions are everything – particularly with property.
Consider an Extension
Extending your property is a great way to add additional rooms and, consequently, additional rental value to your property.
It’s an especially good idea if there is a shortage of a certain type of property in the local area. For instance, if you currently own a two-bed property and there is a shortage of three-bedroom homes, adding an additional bedroom will mean that your property is in high demand and you can command high rentals.
The long-term investment of building an extension offers an excellent ROI, so although the initial outlay is high, it’s a great investment in your property.
Be warned, though; it can take up a lot of your time, what with applying for planning permission, managing contractors and ensuring the extension passes building control, so it’s important to carefully consider whether you will have the time to dedicate to the project, as well as the funds.
Install Artificial Grass
Installing artificial grass is a great way to increase the value of your rental property and there are many reasons why landlords should consider installing fake turf.
Gardens are important to many people, both tenants and homebuyers alike. Many of us enjoy being able to use our gardens as places to relax, play with the kids or entertain friends and family.
And, having an attractive garden will help to push up the value of your property portfolio.
Artificial grass is perfect for transforming lifeless, patchy turf into stunning lush green lawn areas that will enhance the aesthetics of any garden or outdoor space.
It can be used in both the front and back gardens and will help to keep weeds at bay, reduce water bills, and remove the need for lawnmowers – and there will be less chance of mud and mess being brought into the house, destroying carpets and furniture.
Installing fake grass is also a double whammy, because not only will it add value to your property, it will drastically reduce necessary maintenance, too.
Every landlord knows that there are many tenants who are reluctant to spend too much of their time keeping the property – especially the outside of the property – looking at its best.
If your tenants are unwilling to spend much time keeping on top of the garden, it can very quickly become overgrown with weeds, and it may cost you a substantial fee to have it cleared, once your tenants move on.
This means that having artificial grass can also save you money in maintenance costs.
What’s more, it’s one of the lowest-cost home improvements on our list, and yet it offers an excellent return on your investment.
If you are a landlord looking to install fake grass at your rental property, why not check out our range of artificial turf and request your free sample pack to be delivered straight to your door. You’ll be amazed at how realistic our products are and what they can do for your property portfolio.
If you are looking for installation, we’ve got that covered, too. We operate a network of NeoGrass Approved Installers, who are experienced fake grass fitters that can carry out your installation for you. For a free quote, please find your nearest installer here.
Convert the Loft
We’ve already looked at creating further rooms by extending your property, but don’t forget, there is a more cost-effective way of creating additional space – provided it’s feasible.
Loft conversions are a great way of creating an additional bedroom, home cinema or games area.
Ideally, in order to convert your loft, you’ll want a roof space with a minimum height of 2.3m, although other obstacles, such as chimneys, can also affect the feasibility of the project.
Sometimes, however, sections of the roof can be removed to gain the additional headspace required.
In order to determine whether your loft is fit for conversion, we’d highly recommend speaking with a local contractor.
Upgrade the Bathroom
It’s vital that the bathroom of your rental property is clean and modern.
Nobody wants to be in a dirty bathroom and it will turn potential tenants away, even if the rest of the property is stunning.
If you don’t have the funds to install an entirely new bathroom, instead upgrade the existing one by adding new taps, a shower or a glass screen. And bear in mind that a new lick of paint or a few tiles can make a world of difference, too.
It’s worth spending as much as you can afford on the bathroom, as it can very easily tempt tenants into renting your property.
If you have the space, installing an en suite bathroom will give your property a touch of luxury, and at the same time dramatically increase the value and appeal to a wider market.
For landlords, owning property is about making money. And it makes sense to maximise the value of your portfolio.
A simple lick of paint often does wonders for any property, but there are plenty of other options if you have more funds available for investment.
More often than not, improving your property will offer a fantastic return on your investment.
However, before carrying out any form of home improvement, it’s important to crunch the numbers and make sure that the return on investment is as high as possible.
Do you have any other ideas for increasing the value of rental properties? We’d love to hear your thoughts and ideas, so make sure you leave them in the comments section, below.