7 ways to add value to your property
Letting out a property is no easy feat. Property management is a time-consuming task which becomes a lot easier with a letting agent who you trust at your side. But finding a reliable tenant who will take good care of your property is key. One of the best ways to get the most out of your property investment is to add value before letting it out.
Below, we’ve listed seven ways to add value to your buy-to-let property:
1. Make sure the kitchen shines
The kitchen is the undisputed heart of most homes. It’s where we prepare food, eat, congregate, and socialise. The party ends in the kitchen. If you’re about to rent out your property, make sure the kitchen is as appealing as it can be. From changing the worktops to installing lights over food preparation areas, make sure the kitchen functions well. You don’t need to spend a fortune. Small tweaks and changes can make all the difference.
2. Make the driveway/entrance presentable
The term ‘wow factor’ is used a lot, but something along these lines is needed if your prospective tenants are to be interested in the property. Make sure the front of the property looks appealing. Make sure the driveway is in good condition, replace the outside light if it no longer works, and if the front door could do with a lick of paint, get painting. A little effort will go a long way.
3. Spruce up the bathroom
After the kitchen, the bathroom is usually the most important room. Opt for a neutral colour on the walls so that the room appeals to most tenants and try to make the room appear as uncluttered as possible. If you want to improve the look of the room but don’t want to spend a lot, try replacing the taps or add the odd stylish feature. The bathroom should ideally look modern, streamlined, and uncluttered.
4. Fix what needs fixing
Prospective tenants will be put off if there are any structural problems or other issues, such as an unpredictable boiler, a poor shower, or structural cracks to walls. Any structural problems are problems which should be looked at anyway, and it’s always best to make sure any problems are fixed before they are allowed to get worse.
5. Find cosmetic solutions
Is there a window that’s damaged? Is there a door which doesn’t close properly? Or maybe the bath needs resealing or the walls repainting? Any structural issues should be dealt with, but if the property is structurally sound, make sure any cosmetic issues are also dealt with – and they can often be done for minimum outlay.
6. Make the garden or backyard look loved
If the property has a garden of any size, make the most of it. Make sure it’s as weed-free as possible, brush any paved areas, mow the lawn, and make sure any flowerbeds or planting displays are neat and tidy. If the garden area is neglected, you could even look about installing a patio or decking to allow for outdoor entertaining.
Larger gardens are becoming less popular, but for most landlords and homeowners in London, a large garden isn’t something they have to manage as there just isn’t the space in such an urbanised city, not to mention the fact that land is at a premium. But even the smallest outdoor space needs to look inviting and cared for – and could make a great deal of difference.
7. Restructure and remodel to improve layout
This will inevitably be more costly but should add more to the value of the property. By restructuring the layout of the property or simplifying the floor plan, you could make the space more appealing while adding value. You don’t always need to add more floor space. By simply improving on the space available (this could mean taking down a wall separating a kitchen and living area to make one larger communal space) you can make the place more pleasant and appealing to tenants.
If funds allow, it makes sense for any landlord to look to boost the value of their property investment, and some of the ideas listed above should help you do that. The more appealing the property, the less likely you are to suffer from void periods. However, if you ever do find yourself with an untenanted property and no rental income, our rent guarantee scheme will cover you.
There are many things to consider prior to putting a property up for rent, but a local letting agent should provide the guidance you need to get the most from your buy-to-let property. Contact us for help today.