How to Increase the Rental Value of Your Property
As a landlord, you will be keen to maximise the rent that you receive for your property. Here are several tips to help you to not only get the best rent for your property, but also attract great tenants.
Spruce up your property
Rental properties tend to become tired quicker than owner occupied properties. This is why it’s important that you create a snagging list after every check out and ensure that your property is in good nick prior to each let. As a rough rule of thumb, you should consider painting the property every 5 years depending on the amount of wear that it has been getting.
When updating your décor, you should stick to neutral colours and not over personalise. This will ensure that your prospective tenant pool remains as wide as possible.
Uplift tired kitchens and bathrooms
A good kitchen can often make the difference as to whether your property rents out quickly or not. If your kitchen is looking a bit on the tired side, you should consider replacing it. Although Replacing a kitchen can be expensive, it’s definitely a wise investment to make as it will also add value to your property. If your kitchen just requires a facelift, a good alternative could be to just replace the cabinet doors and apply some new tiles. This will not only save you money, but will also be a quicker solution to a new kitchen.
When it comes to tired bathrooms, you may not need to replace the entire suite unless its damaged. Changing just the taps, showerhead, wall tiles and flooring can make a huge difference to a bathroom that may have seen better days.
Consider installing en-suite bathrooms
Installing en-suite bathrooms not only adds value to your property, but will also encourage tenants to want to rent your property. En-suite bathrooms are a great lure for students and professionals in a HMO arrangement and can mean that you are able to charge a premium on your usual room rent.
Stay on top of your garden
Not all tenants make great gardeners. To ensure your property not only looks tip top but also commands great rent, you should keep your garden neat and tidy. If you’re not too keen a gardener yourself, its best to hire a local gardener to visit a couple of times a month.
If your property is a furnished property, you should always aim to provide high quality furnishings befitting the type of property and the expected tenant type. You should review what your competitors are offering and provide something different or a little extra to encourage tenants to choose your property over others.
Is there anything else that you can offer?
Adding something over and beyond what your competitors have, can not only enhance your rental value, but could mean that your property rents quicker and to good tenants.
Here are just a few things that you could do to sweeten the deal a little:
- Provide higher specification appliances in the kitchen
- Mount a large television in the lounge or communal area. This works especially well in shared housing, for example student properties and those properties occupied by young professionals.
- Offer free Wi-Fi access
- Offer the services of a free cleaner
It’s important that your property remains an attractive option for prospective tenants especially when there are more properties than tenants in the marketplace. The ideas listed here are just a few of the things that you can do to ensure that your property remains ahead of the pack.