Finding ways to increase the value of your rental property over time is key to succeeding as a landlord. Investing in property can offer a range of financial benefits, but in order to profit from these, your rental properties need to remain a worthwhile investment for years to come.
To make more from your residential letting, consider the following tips:
Let’s start with the basics. Keeping your property clean and well-maintained may seem like an obvious point, but it’s surprising how easy it can be to let this slide if you don’t conduct mid-term inspections or keep on top of maintenance works. The negative aspects of a property will outweigh and distract from the positives, so make sure you get the basics right before planning future renovation projects.
Freshly painted walls, stain-free carpets and scuff-free skirting boards will go a long way in attracting tenants, so be sure to hire a professional cleaner and tend to any upkeep before listing your property for rent. Pay particular attention to common pain points, such as the kitchen and bathroom areas, where patches of mould or discoloured tile grout could cause interested tenants to turn the other way.
When it comes to decorating, opt for a neutral colour scheme and avoid bold patterns. Decorating the property like a blank canvas ensures tenants won’t be put off by a difference in personal style.
There’s more to creating an attractive rental property than focusing on its interior. Paying attention to your property’s kerb appeal will also make it much more appealing to higher-paying tenants. This can be as simple as repainting fences, repairing cosmetic damage or paving a pathway through the front garden.
Providing your tenants with basic furnishings, such as bed frames and a kitchen table, will put you in a much better position to charge more for monthly rent payments than if you were to leave the property unfurnished.
While you aren’t obligated to fit your property with stylish furnishings, doing so may also attract higher-paying tenants, such as on-the-go professionals looking to rent inner-city properties for a Monday to Friday let.
Properties with attractive gardens are high in demand, especially amongst families, so focus on the maintenance of your green spaces to boost your property’s appeal. Before you begin, think about your target audience and consider ways to make your property’s garden better suited to them. For instance, if you typically rent to families with children, a secure garden fence will receive a big thumbs up, whereas a large pond may cause them to think twice.
Before renting out your buy-to-let property, consider your target tenants. Doing so will help you decide which features and home improvement projects best suit your desired audience and will make the property more appealing to their demographic.
Figure out which property features your target demographic are looking for and emphasise these when photographing and listing your property for rent. For instance, if you rent to students, offer practical features such as a bike shed or set up an internet connection on their behalf to justify increased monthly payments.
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