- 1. Add Interesting Landscaping
- 2. Keep It Clean
- 3. Get an Inspection
- 4. Replace Carpet
- 5. Apply Fresh Paint
- 6. Consider Proximity to Entertainment
- 7. Remodel the Kitchen
- 8. Upgrade Doors and Windows
- 9. Create an Open Floor Plan
- 10. Renovate the Bathroom
- 11. Provide a Well-Kept Environment
- 12. Update Old Features
- 13. Use Energy-Efficient Lighting
- 14. Work on Curb Appeal
- 15. Start Preventive Maintenance
- Work Hard to Increase the Property’s Value
Sometimes, properties you buy need a bit of fixing up and can benefit from some upgrades.
Making changes can increase the value and make it a more enjoyable living space for long-term and short-term tenants.
Furthermore property owners benefit from getting a higher price when it comes to selling your property with a few renovations in the right place.
1. Add Interesting Landscaping
Renters spend most of their time at home indoors, but you should still have a pleasing outdoor space to entice them to move in. You can change up the landscape of a backyard to make it more appealing to anyone who sets foot outside. Consider planting a few trees or adding a garden. Anything to break up the monotony of a simple lawn could add value to your rental unit.
If you feel ambitious, consider building a deck or patio. This space would be great for plants or a small fire pit, allowing your future tenants to enjoy their evenings in peace. The possibilities are nearly limitless.
2. Keep It Clean
Make sure the house is clean from top to bottom if you’re placing your property on let. Taking extra time or spending money to ensure a deep cleaning could entice renters to consider your rental.
If you rent your house out short term, consider getting it professionally cleaned after every tenant. This extra step will reassure those who stay that you take their health seriously and look after the property closely. They may feel more willing to stay in a space where health and safety measures are a priority.
3. Get an Inspection
Always get a second opinion before taking costly actions. Get another inspection if you know something in the house you purchased needs repair. Having a whole-home check to determine if there’s anything wrong can come at a hefty price. Still, you can view this expense as a necessary one, as it could save you money down the road.
Inspections are especially crucial if you’re renting out a house in multiple occupation (HMO). When bathroom features and appliances have to support more than two households in a single unit, they need to be in peak condition to keep tenants happy and maintain a property value that supports higher monthly rent payments.
4. Replace Carpet
While carpet certainly has its benefits, the resounding consensus is that it has no place in many modern homes. People who want soft flooring opt for a rug or mat over more natural-looking hardwood floors.
Carpet can be less expensive than hardwood flooring because the average carpet ranges between £15 and £20 per square metre, compared to more costly traditional wood planks. If you’re on a budget, consider putting carpet in the bedrooms.
Still, hardwood flooring is more durable. It may be worth the expense if you want your floors to appeal to renters or future buyers if you choose to sell your property in the future. Check your budget to determine how much you can currently invest in flooring to increase your property’s value.
5. Apply Fresh Paint
Choosing a neutral colour palette that remains consistent throughout the house is critical to building an aesthetically pleasing home. Examine the rental for peeling wallpaper or chipping paint — and then rectify the problem. Fresh paint helps your property look newer and more pleasant, and it also communicates to a renter that you take care of things.
6. Consider Proximity to Entertainment
You can’t change this factor on your existing properties, but it can be something to look for when acquiring new ones. Some people may value their proximity to certain forms of entertainment, such as parks, movie theatres, shopping districts or grocery stores.
However, you should also consider the folks who may stay at your property without access to a motor vehicle. You can boost your property value just by being close to public transportation. Knowing the perfect place to select your next property is an excellent way to build equity for years to come.
7. Remodel the Kitchen
Updating a kitchen increases its value, no matter what you do. Kitchens are the heart of the home, so having a beautiful one is a sure draw for any tenant or future buyer. An up-to-date kitchen denotes that the appliances work well and prepare food without issue.
If you don’t have the room in your budget for a complete renovation, consider updating one or two things in the kitchen, particularly if they’re outdated. The right sink is essential to have, as its size and material can vary greatly and make even the most monotonous dishwashing chore bearable. Remember to fit the sink and any other appliances with the kitchen’s overall theme if you aren’t remodelling it all at once.
8. Upgrade Doors and Windows
Adding bright colour to your door can make it stand out against a neutral home. The front door serves as the first impression of your property, so drawing people in puts you one step closer to finding an eager renter. Picking the right door is more than just choosing a colour, though. You have to analyze the outside of your home to know what type of door works best for it, too.
Replacing old and drafty windows can make your rental property more energy-efficient. Draught-resistant windows made with new materials will save property owners £30 annually and make the rental unit worth more. Some tenants may also appreciate you going the extra mile to reduce heat loss and save money on monthly bills.
Other solutions are available if you don’t want to replace your windows entirely, such as a film that goes over casements and can regulate temperature. Your choice could depend on the age and condition of your property’s windows.
9. Create an Open Floor Plan
Homes should be an ideal place for entertaining, and as the world moves closer to ending the pandemic for good, more tenants will want to host their loved ones. Open floor plans are a good idea, as they allow people in the kitchen to communicate with those in the living room and other parts of the house with ease.
10. Renovate the Bathroom
Bathroom renovations could change a tenant’s whole outlook on your property. Master bathrooms are an essential part of any home, and if it’s too small or doesn’t have all the necessary amenities, tenants could pass on the house.
Bathroom renovation costs depend on how intense the project is and what you plan to upgrade. Replacing a bathtub can run up to £700, which might be the heftiest thing on the list. If you create a firm plan of what you need out of a bathroom makeover and consider what works already, you can stay within budget.
11. Provide a Well-Kept Environment
A house’s location can help renters decide whether they want to live there. Before purchasing a new rental property, you should think about the ideal tenants for that spot. If you envision a family in the home, make sure it’s near good schools and other children. A home better suited for an individual might exist in a quiet neighbourhood or near shopping centres.
Improving your property’s lawn and garden could encourage neighbours to keep theirs up, too. If the other homes look well-tended and pleasant, your future tenants may feel safer living in the area. Sometimes, all you can do is ensure your property is nicely maintained, with no odds and ends lying around. The right tenant will see the worth beyond what the neighbourhood looks like.
12. Update Old Features
If you’ve purchased an older home and want to update it to modern times, get rid of the features that date it. For example, a house you are buying may have popcorn ceilings. New builds no longer use these, so they may be outdated or undesirable. You can have a trusted professional clear it out and prepare the space for tenants.
Walls that make rooms feel cramped could become open hallways, and dark paint that makes areas look smaller could be stripped and painted a lighter, more neutral colour. Some fixes will take time and money but will be well worth it in the end.
13. Use Energy-Efficient Lighting
Energy-efficient lighting will help save money and leave a tenant feeling like they’re making a difference and helping the environment. Even substituting old lightbulbs with eco-friendly ones is an excellent step to take. LED bulbs may be brighter than their counterparts, but they also use electricity more efficiently by minimizing heat production within the bulb. Making this swap is simple and could appeal to potential tenants.
14. Work on Curb Appeal
How does your property look to outsiders? Your house and door should always be neat, but your front yard or the surrounding area should look nice, too. Keep lawns mowed, whether you do it yourself or hire someone else. Planting perennial flowers and shrubs can also green up an area and make it look cared-for.
Put on your creative thinking cap and picture the front of your property as it could be, not as it is, and work toward making it more attractive to potential tenants. The work you put in will yield fruitful results as you obtain renters and increase the property’s value.
15. Start Preventive Maintenance
Learn about which appliances have had issues in the past and which may be problematic in the future. Landlords are responsible for all repairs to the structure and apparatus of a home, so it’s best to know what to expect and work on maintaining things you foresee to be a problem.
You can quickly identify if something is wrong with your property by conducting preventive maintenance regularly. You can have a plan in place if the water heater is about to go, which is preferable to dealing with an emergency.
Work Hard to Increase the Property’s Value
Increasing a property’s value isn’t a bad idea, whether you plan on keeping it in your family or aim to sell it someday. Luckily, most of the improvements you make could improve the house’s value by quite a bit. Work with what you have and make plans to change the things you dislike to see a profitable return on your investment.