When listing your property for rental, you should always consider increasing its value before putting it on the market.
Financial value might be the first thing we think of when we talk about value, but when it comes to renting, aesthetic value can have a huge impact on returns.
A property can justify high rent prices with its function and size, but if it looks dull, or even oppressive, it’ll be hard to attract enough interested renters to provide you with regular income.
Read on for some key checks to make on functionality and top tips to get your property looking stylish and welcoming in 2022.
Make Utility Repairs
Before thinking about updating the look of your property, the first thing to address is your plumbing and electric.
Ensuring that your water pipes are in the best condition they can be ensures that there won’t be any problems with water flow, such as blockages, or noises from the pipes.
Neglecting your plumbing is one of the worst things you can do for your property’s value.
Avoiding burst pipes and damp appearing on ceilings is key. Make sure to reseal the areas around the showers and baths in your property regularly.
Your property’s electricity may be functional, but you’ll want to ensure that your wiring is efficient, practical and safe as possible.
For example, if you’ve got one light switch that controls two sets of lights in a room, you could adjust this for a higher-quality renting experience.
Checkatrade, a contractor listings company, estimates that repairs can add 3-5% to your property’s value, and note that working to rectify imperfections will make your property more appealing to renters.
Taking these pre-emptive measures early can save you money on short-term property improvements while increasing the value and appeal of your property.
Give Your Interior an Appealing Redesign
If you get creative, redecorating indoors can be one of the cheapest ways to increase a property’s value. Aim for design choices that are eye-catching, yet have broad appeal.
If your property is coated in off-white or beige paint, or simply hasn’t been decorated in many years, you may want to consider repainting it using brighter, more aesthetically pleasing colours.
The best redecoration has mass aesthetic appeal, as you’ll likely draw in more potential renters in addition to being able to charge more on your property’s listing.
Painting your property’s interior can freshen it up, erasing years of wear and tear and adding value.
Re-carpeting or installing wooden flooring can have a similar effect. In fact, Evolution Money, a loan company, suggest that by investing around £365 on your flooring, your property’s value can rise by 2%.
Consider Remodelling a Room or Two
Interior rooms that undergo lots of use like bathrooms and kitchens are those which show the worst signs of aging and wear.
Remodelling these rooms will be expensive and time-consuming, especially if you’ve taken the time to pore over every element and hired a contractor.
However, if you have the time and budget, remodelling your kitchen alone can raise the value of your property by 4.6%. Remodelling the bathroom can raise it by 2.9%.
In the kitchen, consider replacing cupboards, shelves and doors. Countertops are an option, but you might need to pay a contractor to perform this work.
In the bathroom, you can replace taps and sinks.
Consider Remodelling Your Exterior
Applying some TLC to the exterior of your property can give it new aesthetic ‘curb’ appeal, great for a first impression. This is hugely important when the first photos renters see of your property will likely be of the outside.
The most extreme measures you can take here are:
- Repainting the exterior altogether
- Retiling the roof
- Installing solar panels
- Double-glazing windows.
If you have a garden, adding a tile patio, gazebo, or garden office can modernise or add interest to an otherwise bog-standard lawn.
If you’d prefer not to increase the scope of your property improvement project to this level, there are smaller changes that you can make that can still increase the value of your property.
Outside, you can repaint your front door, add or replace a knocker, or replace the handle. You might also consider an entirely new door to make the best possible first impression.
Whatever you decide to do, Checkatrade have a useful breakdown of the prices you can expect to pay when contracting the work out in 2022.
If your budget is large enough, one of the most drastic steps you can take to increase the value of your property is to install an extension.
Extensions typically involve having a whole other room, and sometimes even more, affixed to the property.
Flying Homes, a real-estate hub, found that 4-bedroom properties listed on Zoopla, a real-estate listing site, cost on average £85,000 more than 3-bedroom properties.
Extensions are a costly undertaking, and it’s worth conducting your own research to compare the amount of money you’ll need to put into the project versus the valuation of your property afterward.
As a landlord, you’ll also need to factor in how long it will take to recoup your costs from renters. The upshot is, of course, that you should be able to charge more for rent, and recoup costs quicker.
If you already have an extension on your property, consider if there’s anything about it that feels ‘off’ when compared to the rest of it, and be ready to invest in solutions to make the whole house feel like one building.
Maintaining your utilities, remodelling your most used rooms, and updating key features are the best ways to increase the financial and aesthetic values of your property.
The good news is that you can tailor the extent to which you improve your property based on your resources. If on a budget, prioritise: consider replacing that scratched floor or stained carpet.
Putting time and energy into updating your rental property ensures that your renters come away with the best impression and reviews to give of their stay.
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Keey can provide the best advice for improvements on single rental properties or an entire portfolio. Contact us today.